Ethereum Whale Data Signals Big Moves Ahead As Stakeholder Activity Spikes
12 Novembre 2024 - 5:30AM
NEWSBTC
Analysts reported that there is a growing demand for Ethereum due
to the increasing appeal of the digital currency to large
investors. The whale activity serves as one of the indicators that
the cryptocurrency is gaining momentum for possible significant
growth, capitalizing on the positive market sentiment on the crypto
industry. Related Reading: Chainlink 125% Target In Sight As Whale,
On-Chain Activity Soar—Analyst Growing Whale Activity Santiment
reported that the number of transactions made by Ethereum whales
saw a huge spike in recent days. ETH whales refer to large
investors who have the capability to influence market sentiments
and the availability of digital coins. 📈 Ethereum, currently
sitting at $3.12K, is finally showing the growth that helped it
climb to the #2 ranked market cap asset in crypto, largely staying
in this position throughout the past 8 years. Whale transaction
data indicates a major spike in key stakeholder activity.…
pic.twitter.com/CWPpeMPWla — Santiment (@santimentfeed) November
10, 2024 Analysts said that ETH’s daily transactional value already
reached $10.4 billion, fueled by rising whale activity and a
growing number of daily Ethereum transactions, saying that this is
a bullish indicator for the digital currency’s network. It also
indicates that there is an increasing engagement on ETH from large
investors, smaller traders, and institutions. According to
analysts, Ethereum hit a 14-week high because of the high whale
activity, indicating that high-risk investors once again find
confidence in the coin. Market traders added that if many large
wallets buy or hold ETH, they believe that these activities can
benefit the price support and price hike. They view it as a “good
signal” of the real state of affairs in the market. On Track To
Growth Analysts said that the high volume of ETH transactions
indicates that the coin could be closer to a new record high,
explaining that these transactions showed that the coin’s draw in a
bull market cycle which often led to an increase in crypto price.
As of the moment, ETH went up by 5.21% in the past day and is now
being traded at $3,184. Market observers noted that a strong
network activity in crypto means there is high price stability in
the coin’s price, putting ETH both an asset and the ecosystem. A
perfect combination that usually guarantees more investors
participating in the blockchain. #Ethereum $ETH at $3,000 today is
just the beginning! https://t.co/gpAfqbe2v5 — Ali (@ali_charts)
November 9, 2024 Only The Beginning Analyst Ali Martinez sees ETH
breaching the $3,000 mark as a positive sign of a bullish narrative
for the coin, saying that is only the beginning of its surge
potentially hitting $10,000. Related Reading: Bitcoin Closing In On
$80,000 For Record-Breaking Run After Trump Win Meanwhile, Henrique
Centieiro, a venture capitalist, claimed that ETH is moving towards
what he coined as the “scarcity mode”. Centieiro explained that
more than 42.6% of all Ethereum are currently locked in staking
contracts which may contribute to a dwindling availability of the
coins in exchanges, a perfect recipe for a price rally. He added
that such conditions and the growing appeal of ETH to investors
indicate a strong return from ETH in the long run. Featured image
from Forbes, chart from TradingView
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