Ethereum Whales Fuel ETH Bounce Back
The cryptocurrency market experienced a difficult "crypto winter" in 2022, with many altcoins, including ETH, seeing significant price corrections of up to 70%. But Ethereum whales are contributing to the fightback.
Recently the cryptocurrency market has shown some positive signs in 2023, with Ethereum experiencing a surge in value after experiencing strong selling pressure following the collapse of the cryptocurrency exchange FTX last month.
As of 4 January, ETH's price had risen 5% to $1,253, and its market capitalization had reached $153 billion. This improvement has been linked to increased activity by Ethereum whales, who have conducted over 600 transactions totaling more than $100,000 on the blockchain in the past 24 hours.
Here's what on-chain data provider Santiment tweeted on the recent uptick in activity by Ethereum whales.
"As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on 16 December ($ETH's local price bottom), whales are showing increased interest again. "
This increased activity from whales is a positive sign for Ethereum's short-term prospects.
Ethereum co-founder expresses bullish outlook
Ethereum co-founder Vitalik Buterin has expressed a bullish outlook for the platform in 2023, following one of the worst crypto winters of market history in 2022.
Buterin has announced plans to launch the ETH Improvement Protocol (EIP) 4884 in the near future. In response to a tweet by Balaji Srinivasan, Buterin stated that he is excited to achieve the "basic roll-up" milestone outlined in Ethereum's roadmap. The EIP 4884 is expected to bring significant improvements to the platform.
However, Buterin also stated several areas needing improvement within the cryptocurrency industry, including enhancing security for average users and improving scaling, privacy, and user experience. Despite these challenges, he remains confident in the potential of decentralized finance (DeFi) to play a significant role in the future financial system.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.