Ethereum (ETH) price briefly rose above the $3500 level today, hitting an almost 2-month high price of $3,509. Moreover, the top 10 whale addresses holding has also jumped to reach almost 24% of all Ethereum supply. That’s not all, Ethereum’s dominance has been rising against Bitcoin as crypto projects continue to build on the Ethereum blockchain, with the ETH/BTC price ratio almost reaching a nearly 8-week high of 0.074878.
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Ethereum’s Top 10 Whales Now Hold 24% of Total ETH
On-chain analytics platform Santiment announced in a tweet on April 2 regarding the rising Ethereum dominance against Bitcoin, with the ETH/BTC price ratio rising to 0.074762 on Friday.
“Ethereum has been gaining in price dominance against Bitcoin, and the ETH/BTC price ratio of 0.074762 on Friday came within millimeters of an 8-week high of 0.074878. The top 10 whale addresses remain holding a significant % of supply.”
Ethereum (ETH) Top Whale Supply Held. Source: Santiment
Moreover, the on-chain data Ethereum (ETH) profit/loss transaction ratio data recently suggested that Ethereum (ETH) has registered its highest transactions in profit in March-end since an all-time high (ATH) price in November. It points to rising interest in Ethereum as the average transaction volume is growing.
Ethereum’s dominance has been rapidly increasing as crypto projects including NFT, metaverse and tokens continue to evolve on the Ethereum blockchain with ERC-20 and EIP features. Moreover, the trend has seen retail investors and institutional investors, along with whales, accumulating and holding their Ethereum (ETH) as it shifts to the proof-of-stake (PoS) protocol. Firms such as Three Arrows Capital has been staking Ethereum into Curve and Lido’s liquidity pools to take the opportunity of the ETH 2.0 rewards and yields.
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Ethereum Price Rises Above $3500
Ethereum price today hits the $3500 level, after rising nearly 10% in the last 24 hours. This is the first time since January, that the ETH price has reached above the level. Moreover, the Ethereum (ETH) price is moving in the upward channel for the past three weeks. According to CoinMarketCap, the ETH price has risen nearly 15% in the last seven days.
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