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The number of Ethereum Whales Grows Significantly.
The adoption of the world’s second-largest cryptocurrency by market capitalization Ethereum (ETH) has been on a roller coaster this year. There seems to be a growing interest among crypto traders.
Cryptocurrency traders took advantage of the previous market dip to rack up more Ethereum holdings, with many addresses currently enjoying a massive price surge.
Addresses Holding At Least 10,000 ETH Surge
There has been an increase in Ethereum holdings at all levels, with the most recent accumulation spree observed among addresses holding at least 10,000 ETH and above.
According to data on Santiment, Ethereum addresses holding a minimum of 10,000 ETH and above have surged to their highest level since December 2021, a month after the cryptocurrency hit an all-time high (ATH) of $4,878.
Addresses within this category have reached a high of 1,329 addresses since December 2021, with 40 of these addresses added in just five weeks, Santiment reported.
Although the growing number of Ethereum whale addresses does not represent the total number of large ETH holders, the development goes to show the increased adoption of the cryptocurrency, which was launched in 2015.
Santiment noted in a Twitter post today, saying:
“There has been an evident correlation between the number of whale addresses & future price movement.”
🐳 The number of #Ethereum addresses with 10k+ $ETH has grown to the largest amount (1,329) since December, 2021. This includes 40 more in just 5 weeks. There has been an evident correlation between the number of whale addresses & future price movement. 👍https://t.co/PcI1C8z1Z4 pic.twitter.com/GHWjFdEVSZ
— Santiment (@santimentfeed) March 28, 2022
Whales Bought More ETH at Lower Prices
Like most cryptocurrencies, Ethereum suffered a terrible start to the year, following some unfavorable economic developments that occurred in the early stages of 2022.
Ethereum, which started the year around $3,700 saw its value decline by a large margin and fall below $3,000 on several occasions.
ETH lowest for the year was recorded on January 24, 2022, when it dipped below $2,300. While small cryptocurrency traders were scared to take on more risk by increasing their Ethereum holdings, whale traders saw a decrease in price as an opportunity to boost their stake in the second-largest coin.
Evidently, things are going in the favor of traders who ramped up more ETH during lower prices.
At press time, ETH is trading around $3,370 across crypto trading platforms, following a surge of 6.6% in the last 24 hours.