Crypto News

Ethereum Surges To New Highs As Market Activity Intensifies

The price of Ethereum, the second-largest cryptocurrency, has continued its impressive rally, gaining over 6% today to reach a new high of $3,287.

This surge in Ethereum’s value has attracted significant attention from investors and market observers alike.

Amidst the market rally, FTX and Alameda made notable deposits, contributing 2,000 ETH ($6.36M) to Coinbase and 163,727 PROM ($2.04M) to Binance just a few hours ago. This move underscores the confidence of major players in the Ethereum ecosystem.

It’s worth noting that FTX and Alameda Research have been actively depositing 10,447 ETH to centralized exchanges (CEX) over the past month, totaling approximately $27.6M, as the price of Ethereum surged by 42%.

In a surprising development, an Ethereum ICO participant who had been dormant for 8.6 years suddenly deposited all 238.75 ETH ($770K) to Coinbase as the price of ETH surpassed $3,200. This participant received the ETH during Ethereum’s Genesis ICO at an approximate price of $0.31.

Whales Continue More Notable Ethereum Accumulation

Despite occasional reports of outflows, whales continue to accumulate ETH. As Ethereum’s price exceeded $3,250, a significant whale withdrew 23,361 ETH ($75.6M) from Binance, indicating strong interest at higher price levels.

Furthermore, another prominent whale is actively buying 2,426 ETH ($7.8M) from Binance amidst the ongoing price surge. This whale has conducted multiple trades, with two out of four trades being profitable, resulting in a total profit of approximately $3.85M.

The dynamic activity surrounding Ethereum underscores the growing momentum and investor interest in the cryptocurrency market.

As Ethereum reaches new highs, traders and investors are closely monitoring market developments and whale activity for potential insights and opportunities.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: fellowneko/ 123RF  // Image Effects by  Colorcinch

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