Last week was a special time for Ethereum. The price of the second-largest cryptocurrency has risen more than 20% and it has been accepted very well by the ETH holders. In order to benefit from that rise, some anonymous Ethereum whales decided to transfer their ETH from leading exchanges to crypto wallets.
The latest news published by Whale Alert shows that 100,000 ETH has been moved by an unknown user to an anonymous wallet. This transaction was worth over $180 million and the transaction fee was only 0.0036 ETH ($6). The date of the transfer was 12 March, at 8:50 UTC.
This transfer was followed by another one and 57,590 ETH was moved by another crypto user. The increasing number of transactions is undoubtedly correlated to the price surge and the volatile structure of Ethereum.
Like for the other cryptocurrencies like Bitcoin, whales are the most important actors for ETH and its price chart. The users with more than 10,000 ETH now control almost 70% of the total ETH supply. This is the highest percentage held by ETH whales since November 2017 and it can keep going even though some whales are intended to move their holdings.
ETH has a bullish trend right now and the question is where it will end. In the last 10 weeks, the price of Ethereum came from $745 to $1,788 at the time of writing this article.
Another factor nurturing the rise of Ethereum is the network upgrade. Vitalik Buterin, the co-founder of Ethereum, stated that Ethereum 2.0 will be a solution to the scaling problem of Ethereum. Higher transaction speed and potential for higher interoperability can boost the price of ETH even further, which may result in an increasing market cap of the cryptocurrency. The upgrade also protects ETH’s position against other competitors which claim to offer more space for interoperability. Especially altcoins try to gain a marketplace, but Ethereum 2.0 can secure its operations without any threat.Share this article