ethereum may have lagged behind its altcoin peers this bull season, but its rebound has been swift. Over the past week, eth has risen almost 10%, pushing its price above $3,600.
In fact, the latest analysis from LunarCrush indicates that ethereum is showing “ultra strong” activity and even outshining many other assets in the market.
Renewed interest sweeps ethereum
ethereum even managed to secure the 64th position in LunarCrush AltRank in terms of average market and social activity on Monday.
ethereum social activity subsequently increased alongside price appreciation, leading to a significantly higher AltRank of 10 as the day progressed, according to the twitter.com/LunarCrush/status/1777423537005043929″ target=”_blank” rel=”noopener” data-wpel-link=”external”>data provided by the cryptanalysis platform.
Currently, ethereum's momentum continues to increase, with social activity intensifying further, accompanied by strong price movements and increased market volume, resulting in an impressive AltRank of 8, indicating renewed interest in the grid.
There are several factors at play for the renewed interest in ethereum. Santiment's latest findings, for example, twitter.com/santimentfeed/status/1777476955354562766″ target=”_blank” rel=”noopener” data-wpel-link=”external”>revealed an increase in attention due to increased focus on ERC20-based non-fungible tokens (nfts), marking a notable resurgence.
Discussions include ethereum's potential growth, network congestion, and gas fees. Furthermore, Canada's approval of the world's first ETF betting on Ether also appears to have contributed to ethereum's momentum, shaping the bullish market sentiment.
Whales inject $35.11 million into ethereum
The accumulation of whales is another factor that reflects optimism among market players. spoton chain twitter.com/spotonchain/status/1777253350863688116″ target=”_blank” rel=”noopener” data-wpel-link=”external”>identified Significant activity this week, where two whales collectively invested $35.11 million in stablecoins to purchase 10,322 eth, which may have catalyzed the cryptoasset's rise above $3,400.
The first case involved eight wallets, likely representing one entity, that spent $20.86 million in USDT stablecoin to acquire 6,145 eth at approximately $3,395. The second whale invested $14.25 million in DAI to purchase 4,178 eth at around $3,410 during the same period.
On-chain analyst Leon Waidmann drew attention to ethereum's impending supply squeeze and predicted that the crypto asset is likely to outperform bitcoin, Solana, and other Layer 1 networks.
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