Crypto Market On The Verge Of Picking Up? Whales Ethereum Holding Spikes

Ethereum News: Ethereum (ETH), the second largest cryptocurrency is trading under increased selling pressure, lately. ETH resumed the recovery run after witnessing a heavy dump in 2022. Ethereum price is up by a massive 37% in the last 60 days. However, the latest report suggests that the crypto market might be on the verge of picking up ahead.

ETH Holding Spikes

As per a report by Santiment, Ethereum has been under the radar since the beginning of 2023. Without making much noise, ETH went on to break a 7 year record over the weekend as the 10 largest non-exchange addresses surpassed holding of 25 million ETH. This happened for the first time since 2016 and directly indicates that the whales are in action.

However, it is expected that some experts might call out this movement as ETH centralization. As per the data, on February 26, 2023, top exchanges address held around 7.41 million Ethereum. It added that the amount of heavy large whale addresses are on a constant decline. Read More Ethereum News Here…

Data depicts that there are just 124 addresses holding 100k or more Ethereum. This has been recorded as the lowest since November 2018. While this stat went on to peak at 176 in July 2019.

Vitalik Buterin Suggests Improvements On Ethereum Network: Read Here

Ethereum Price On A Surge

Ethereum price has surged by around 37% in the last 60 days. ETH is trading at an average price of $1,626, at the press time. Its 24 hour trading volume has spiked by 14% to stand at $7.05 billion. However, it is close to breaching the $200 billion market cap level.

The report added that the ETH spent are appearing to be dominant now. Data suggests that it has been expanding the lead over wrapped ETH, USD Coin (USDC) and Tether (USDT) as of now. However, an increase in USDT and USDC Ethereum spent will suggest a good sign for the markets. This can indicate that the crypto market is on the verge of picking up.