• Ethereum has seen a 4% rise in the last couple of days due to increased whale activity.
• Ethereum whales have made 611 transactions in the past day, the highest level since December 16th.
• The Ethereum whale transaction count has spiked in recent days, indicating an increase in activity.
The cryptocurrency market has seen a significant surge in the past few days, with Ethereum leading the charge. Ethereum (ETH) has seen an increase in price of 4% in the last couple of days, and the cause for this surge in activity can be attributed to the increased activity of Ethereum whales.
Whales are large investors with enough capital to move the markets. They are capable of making transactions of large amounts of coins, which can have visible effects on the price of the crypto. One way of measuring the activity of whales is to keep track of the “whale transaction count,” which is the total number of Ethereum transfers taking place on the chain that is worth more than $100,000.
Data from on-chain analytics firm Santiment reveals that whales have made 611 transactions in the past day, indicating an increase in activity. This is the highest level of whale activity observed since December 16th, when Ethereum saw a sharp downward move and created a local bottom of around $1,160. The value of the whale transaction count has been relatively high in recent days, and this is likely to have had a positive effect on the price of Ethereum.
In conclusion, the increased activity of Ethereum whales can be seen as one of the main factors contributing to the recent surge in the price of the crypto. With the whale transaction count spiking in recent days, it can be expected that Ethereum will continue to see positive price movements in the near future.