As a seasoned crypto investor with a decade of experience under my belt, I must admit that the current surge of Ethereum (ETH) above $3,000 is nothing short of exhilarating. Having witnessed the cryptocurrency market’s ebb and flow, I can confidently say this is one of those rare moments that make it all worthwhile.
The digital currency Ethereum (ETH) recently surpassed the $3,000 mark, making it a significant achievement that has sparked renewed excitement and positivity within the crypto market enthusiasts.
At present, Ethereum, as analyzed by the on-chain firm Santiment, is exhibiting the expansion that has kept it as the world’s second-largest cryptocurrency by market cap for the last eight years.
Ethereum, currently valued at approximately $3,120, is finally demonstrating the growth that propelled it to become the second-largest market cap asset in cryptocurrency, maintaining this position for most of the past eight years. Notably, data from whale transactions suggests a significant increase in activity among key stakeholders.
— Santiment (@santimentfeed) November 10, 2024
As I type this, Ethereum (ETH) has risen by 4.92% over the past 24 hours to reach $3,189. On a weekly basis, it’s even more impressive, having grown by 30%. Interestingly, while Bitcoin is breaking new records with its surge above $79,000, Ethereum is currently surpassing Bitcoin in terms of daily and weekly growth.
The Santiment appraisal highlights Ethereum’s recent surge beyond $3,100, a development not seen for weeks. This growth has been fueled by increasing whale activity and daily transactions reaching billions. Remarkably, the number of large Ethereum transactions (8,482) by whales is at its highest since August 4, and the total transaction volume ($10.4 billion) also matches a high last seen on that date.
Three reasons for Ethereum price surge
Ethereum has been on the rise since Nov. 5 and would mark the fifth day of gains since this date.
Ethereum has recently broken through significant resistance levels at daily Simple Moving Averages (SMA) 50 and 200, which were at approximately $2,579 and $2,955 respectively. This breakthrough has limited its price fluctuations for months. Notably, this is the first time Ethereum has risen above $3,000 since July of this year, when it dropped after reaching a high of $3,563.
A significant rise in the actions of large investors, often referred to as “whales,” is believed to be one of the primary factors contributing to Ethereum’s recent surge. As reported by Santiment, data from whale transactions have shown a significant jump in activity from key stakeholders. These influential addresses have contributed significantly to Ethereum reaching a 14-week high, according to their observations.
A rising transaction volume has also contributed to the ETH surge. Ethereum transaction volume has also increased significantly, reaching $10.4 billion in recent days.
In simpler terms, the overall growth in the crypto market, primarily driven by Bitcoin’s current price increase, has significantly influenced Ethereum’s rise as well. When Bitcoin hits record highs, a portion of those profits is frequently invested in other cryptocurrencies such as Ethereum.
Based on Santiment’s analysis, it seems this trend might persist, potentially taking Ethereum to a new record peak as the network’s activity currently looks exceptionally vibrant.
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2024-11-10 17:10