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ETH Up 5% as Ethereum Whales Resurface

  • In the last 24 hours, over 600 ETH transactions worth more than $100,000 have taken place on the Ethereum blockchain. 

  • Ethereum (ETH) is currently trading 5% higher at a price of $1248, with a market cap of $150 billion.


05 Jan 2023 By : COIN GABBAR
ETH Up 5% as Ethereu

After a period of strong selling pressure, the world's second-largest cryptocurrency has just experienced a rebound. Ethereum (ETH) is currently trading 5% higher at a price of $1248, with a market cap of $150 billion.

The recent price increase in ETH is the result of increased whale activity on Ethereum. Over 600 ETH transactions worth more than $100,000 have taken place on the Ethereum blockchain in the last 24 hours. 

Since the dip purchase on December 16, ETH whale transactions have reached all-time highs. On-chain data provider Santiment explained:

“As the price of altcoins has increased, Ethereum has quietly recovered above $1,260 for the first time in three weeks. Though not quite at the level of the large whale dip buying on December 16th (ETH's local price bottom), whales are regaining popularity.”

The year 2022 ended with one of the worst crypto winters in market history. ETH and several other altcoins experienced price corrections of up to 70% in the last year. Coming into 2023, the Ethereum co-founder has expressed his confidence in the platform.

Vitalik Buterin Discusses Ethereum's Bright Future

While we are entering an era of major global economic uncertainty, Ethereum co-founder Vitalik Buterin has expressed his confidence in the platform's future development.

The Ethereum co-founder has stated that the Ethereum Improvement Protocol (EIP) 4884 will be launched later this year. In response to a post by former Coinbase technology officer Balaji Srinivasan, Vitalik Buterin stated that he was looking forward to reaching the "basic roll-up" milestone defined in the ETH roadmap.

However, Vitalik also highlighted other areas where crypto needs fixing and solutions. This includes making average user accounts safer, as well as scaling, privacy, and user experience. Vitalik Buterin is sure that decentralized finance (DeFi) will play an important role in the future financial system.

Also read: Pi Price Prediction for 2023: Is it Safe to Buy Pi Coin?

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