According to CryptoPotato, Ethereum has seen a swift rebound, with its price climbing nearly 10% over the past week, pushing it above $3,600. This has led to renewed interest in the cryptocurrency, with Ethereum even securing the 64th position in LunarCrush AltRank™ in terms of average social and market activity on Monday. As the day progressed, Ethereum's social activity surged alongside its price appreciation, leading to a significantly higher AltRank™ of 10. Currently, Ethereum's momentum continues to surge, with social activity intensifying even further, accompanied by strong price movements and increased market volume, resulting in an impressive AltRank™ of 8.
Several factors are contributing to the renewed interest in Ethereum. One of these is the increased focus on ERC20-based non-fungible tokens (NFTs), which has led to a surge in attention for the cryptocurrency. Discussions around Ethereum's potential growth, network congestion, and gas fees have also been prevalent. Additionally, the approval of the world's first Ether-staking ETF in Canada appears to have added to Ethereum's momentum, shaping bullish market sentiment.
Whale accumulation is another factor reflecting optimism among market players. Spotonchain identified significant activity this week, where two whales collectively invested $35.11 million in stablecoins to purchase 10,322 ETH, which may have catalyzed the crypto-asset’s ascent above $3,400. The first case involved eight wallets, likely representing one entity, which spent $20.86 million in USDT stablecoin to acquire 6,145 ETH at approximately $3,395. The second whale poured in $14.25 million in DAI to buy 4,178 ETH at around $3,410 during the same period. On-chain analyst Leon Waidmann drew attention to Ethereum’s imminent supply squeeze, predicting that the crypto asset is likely to outperform Bitcoin, Solana, and other Layer 1 networks.
Miyuki
