Ethereum, the world’s second most valuable digital currency, increased by nearly 5% today and surpassed the $3,500 price level for the first time since May 15, 2021. ETH debuted in 2021 at a price of around $740.
According to the most recent Coinmarketcap data, Ethereum now has a market cap of $412 billion. ETH currently holds a 19.4 percent share of the total crypto market. The price of ETH has increased by more than 50% in the last four weeks.
“Ethereum has broken through $3,500 for the first time since mid-May. A year ago, the asset was worth $442. We discovered that the top ten non-exchange whales in ETH now own 3.12 times as much ETH as the top ten exchange whales. A good sign,” said Santiment, an on-chain analytics firm, on Twitter.
The most recent increase in Ethereum addresses with non-zero balances occurred yesterday. According to Glassnode, there are now 60.7 million ETH addresses with active balances, the highest level ever recorded. Last week, ETH investment products attracted $17 million in institutional inflows, more than any other cryptocurrency.
Ethereum’s On-Chain Activity
Alexandra Clark, Sales Trader at GlobalBlock, commented on Ethereum’s recent price movement and overall network activity, saying, “Ethereum’s on-chain activity is bullish, indicating the second leg of the bull run is close.” The recent surge in NFT activity has resulted in an increase in transaction volume and active addresses on the ETH network, as well as a decrease in supply.”
“As a result of NFT activity, Ethereum fees and the amount of ETH burned have increased significantly, implying that more ETH is being burned than issued at times. As a result, for the first time in history, Ethereum’s daily issuance fell below Bitcoin’s. After surpassing $3,400, a psychologically significant level, Ethereum has one more resistance barrier to overcome at $4,078. “Over 1.5 million addresses purchased Ether before it rallied to a new all-time high,” Clark added.