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Analysts report that there is increasing demand for Ethereum due to the digital currency’s growing appeal to large investors.
Whale activity serves as one indicator that the cryptocurrency is gaining momentum for potentially significant growth, while benefiting from positive market sentiment in the cryptocurrency industry.
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Increased whale activity
Santiment reported that the number of transactions conducted by Ethereum Whales have seen a significant rise in recent days.
Ethereum Whales It refers to large investors who have the ability to influence market sentiment and the availability of digital currencies.
📈 Ethereum, currently worth $3.12K, is finally showing the growth that has helped it rise to the #2 market cap asset in cryptocurrencies, and has largely remained there for the past eight years.
Whale transaction data indicate a significant rise in key stakeholder activity. pic.twitter.com/CWPpeMPWla
— Santiment (@santimentfeed) November 10, 2024
The daily transaction value of ETH has already reached $10.4 billion, supported by rising whale activity and the growing number of daily Ethereum transactions, analysts said, saying this is a bullish indicator for the digital currency network.
He also notes that there is increasing participation in ETH from large investors, small traders and institutions.
According to analysts, Ethereum has reached a 14-week high due to rising whale activity, indicating that high-risk investors are once again finding confidence in the currency.
Market traders added that if many large wallets buy or hold ETH, they believe these activities could benefit prices and price appreciation. They view it as a “good signal” of the real market situation.
On track for growth
Analysts said that the large volume of ETH transactions indicates that the currency may be closer to a new record high, explaining that these transactions showed the withdrawal of the currency in a bull market cycle, which often led to an increase in the price of the cryptocurrency.
As of this moment, ETH has risen by 5.21% in the past day and is now trading at $3,184.
Market observers have noted that strong network activity in cryptocurrencies means that there is significant stability in the price of the coin, making ETH an asset and ecosystem. An ideal combination that usually ensures more investors participate in the blockchain.
#Ethereum $ Ethereum At $3,000 today it’s just the beginning! https://t.co/gpAfqbe2v5
– Ali (@ali_charts) November 9, 2024
Just the beginning
Analyst Ali Martinez sees ETH breaking the $3,000 mark as a positive sign for the coin’s bullish narrative, saying this is only the beginning of its rally that could potentially reach $10,000.
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Meanwhile, venture capitalist Henrique Centiero claimed that Ethereum is heading towards what he described as a “scarcity mode.” Centiero explained that more than 42.6% of total Ethereum is currently tied up in signed contracts which may contribute to the dwindling availability of the coins on exchanges, which is a perfect recipe for higher prices.
He added that such conditions and the growing attractiveness of ETH for investors indicate a strong return from ETH in the long term.
Featured image from Forbes, chart from TradingView
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