The digital currency ecosystem is on a rampage today with the combined crypto market jumping 5.41% to $1.08 trillion. With this growth, Ethereum (ETH) jumped 4.56% over the past 24 hours and 9% in the past week. At the time of writing, Ethereum is trading at a spot price of $1,679.98, according to data from CoinMarketCap.
Ethereum growth can be attributed to many factors beyond the normal general market sentiment. What stood out, however, is the activity of a major whale who has been buying massive amounts of digital currency. As flagged by crypto analyst @Ali_charts, this particular whale, who has around 1,000 to 10,000 Ethereum units, has added a massive 400,000 tokens to their bag as the crypto market dipped recently.
This buy-up was estimated to be around $600,000,000 and is adjudged to have contributed to the current price upsurge of Ethereum. It is not uncommon to see High Networth Individuals (HNIs) in crypto accumulate that much of an asset with promising fundamentals and technicals. The accumulation of Ethereum is showing off that the crypto is a favorite of whales as much as Bitcoin is.
The fall in crypto prices and the subsequent rise has been tagged by many as possibly fake bullish growth, considering the fact that the headwinds that stirred the crash are still visible on the market today. There have been reports that the closure of Signature Bank is a deliberate attempt by U.S. regulators to crack down on the digital currency ecosystem and was the only crypto-focused bank left after Silvergate’s collapse.
With the negativity still hovering around, many are projecting that the current upshoot may be a temporary one, but some proponents believe this could also be the trigger of the next bull run.