ethereum (eth), the world's second-largest cryptocurrency by market cap, is seeing a surge of optimism in the cryptocurrency market. The emergence of two new whales, according to cryptocurrency tracking platform Spot On Chain, further adds to the bullish sentiment surrounding ethereum.
These whales have collectively withdrawn a substantial amount of eth, totaling nearly 11,700 coins, worth approximately $40 million, from leading cryptocurrency exchange Binance.
His large purchase, made when eth was priced around $3,450, indicates his confidence in the potential for further price appreciation.
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He twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth The price recovered sharply by ~4% in the last 2 hours, now above $3500!
During this period, our system detected two more whales, 0x666 and 0x435, which withdrew a total of 11,657 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth ($40.28 million) twitter.com/hashtag/Binance?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#Binance at ~$3,455!
Continue twitter.com/spotonchain?ref_src=twsrc%5Etfw” rel=”nofollow”>@spotonchain and set alerts for twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$eth now then… https://t.co/Tz4or4Pzc0 pic.twitter.com/ZoVXTtDWZq
– Spot on chain (@spotonchain) twitter.com/spotonchain/status/1777253350863688116?ref_src=twsrc%5Etfw” rel=”nofollow”>April 8, 2024
ethereum Trading Volume Soars
The cryptocurrency market is seeing a surge in optimism, fueled by a strong performance by ethereum (eth) and the impending bitcoin halving event.
eth has seen its price rise almost 10% in the last 24 hours, reaching $3,679 as of today. This impressive gain is accompanied by a significant increase in trading volume, which has skyrocketed by almost 70%, surpassing $15 billion.
Source: Coingecko
Meanwhile, ethereum's impressive rally is not an isolated event. The broader cryptocurrency market is experiencing a period of bullish momentum. bitcoin, the undisputed leader, has also witnessed a significant rise, surpassing the $72,000 mark. This bullish trend is largely attributed to anticipation around the next bitcoin–btc-nears-new-all-time-high-as-halving-event-looms-coinbase-coin-benefits-20240408.html” target=”_blank” rel=”nofollow”>Halving bitcoinscheduled for approximately 11 days.
The bitcoin halving is a pre-scheduled event that occurs approximately every four years. Reduces the amount of new Bitcoins awarded to miners for verifying transactions on the network.
Historically, these halving events have been followed by substantial bitcoin price increases, as reduced supply often leads to increased demand and scarcity. Investors are hoping for a similar outcome this time, which will contribute to the current market-wide rally.
Renewed optimism grips crypto investors
The recent rise in prices and trading volumes in the cryptocurrency market suggests renewed optimism and bullish sentiment among investors. Analysts and experts anticipate further price gains for both ethereum and bitcoin in the coming days and weeks.
Featured image from Pexels, chart from TradingView
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