After weeks of stagnant market prices, the crypto market is now seeing a significant recovery. Most of the digital assets within the market are green at the moment, including Ethereum. Ethereum is the second largest cryptocurrency in terms of market capital. It has seen a 14% increase over 24 hours. This plunges more investors into profits. Like everyone else, the market is seeing a wake-up call for a dormant Whale.
Ethereum Whale wakes up
The ETH whale, which has been awakened after six years of inactivity, has been the most interesting story to emerge from the cryptocurrency market’s recovery. This whale transferred millions of dollars’ worth of ETH from one address to the other for its first transfer in six year.
As the cryptocurrency price was rising, this whale started to get active. The whale had already moved thousands of ETH from one address to another. This would make the cryptocurrency second in market capital. It was expected that the number two currency will grow an additional 8%.
Even though there have been more than 16,000 Ethereum transferred out, the whale still has a little bit over 85,000 remaining. A little digging through three wallets will reveal that some of the ETH (20,000), actually originated from the Ethereum Genesis Block.
🐳😲The following are some examples #Ethereum whale wallet that had not been active for 6+ years woke up today & moved $22.2M worth of $ETHA empty wallet is better than nothing. $ETHThe change in price has been +8.1%, some $1,500 briefly, since the transaction. #merge6 weeks ago. https://t.co/bLwZZwhJSa pic.twitter.com/L78mAfJHq2
— Santiment (@santimentfeed) October 25, 2022
At the time this article was written, more than $130million had been claimed by the whale. The ETH sent was for the purpose of staking some of the ETH. An enviable portion of the ETH was sent to the Ethereum staking contracts.
The ETH Makes a Good Jump
For the majority of this month, Ethereum’s price had struggled to surpass $1,300. In the last 24hrs, however, Ethereum has managed to break through $1300. The crypto market rally saw ETH post double-digit gains which brought it to $1,500.
Santiment notes that Ethereum’s recovery trend is following that of the S&P 500 which also broke out to a new 5-week high. This isn’t surprising considering that the correlation between bitcoin and the stock markets continues to be high. The crypto market is a reflection of the recovery in stock and macro markets.
Source: ETHUSD on TradingView.com| Source: ETHUSD on TradingView.com
The recent recovery also brings ETH’s market cap closers to $190 billion. Coinmarketcap reports that ETH trading volume has increased by 236% over the past 24 hours, to $38.5 billion. There has been a halt to all the selling and an increase in buy pressure.
It is possible for ETH to reach $1,800 if it maintains its current momentum. This is before any inevitable correction.
Featured Image from LedgerInsights. Chart by TradingView.com
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