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Date: 2021-07-23 19:07:30
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Available data from crypto analytics firm, Santiment reveals 1.65 million accumulation of largest altcoin by market capitalization, Ethereum. This accumulation also signifies increased traffic on the crypto asset’s network. However, only wallets already holding 10,000 to 1 million ETH were behind the six-day addition. According to Santiment, these wallets hold an estimate of 60.5 million coins.
The 1.65 million addition began the week after the price of Ethereum plunged to the depths of $1,900 following a similar drop on the price of top crypto asset Bitcoin. Whales started accumulating ETH before a ride back up to the $2,000 range. Price has been trading at that range since its return.
Meanwhile, earlier this month, Santiment also reported a large withdrawal of the crypto asset (40,000ETH) from crypto exchange Gemini to a cold wallet. Another report by Whale Alert revealed the movement of over 140,000 ETH to an unidentified wallet. Traffic on the Ethereum network aligns with its price actions over the last 7 days. As of press time, it was trading at the price of $2,065, a week-high of 8%, making it the highest performing among top 10 cryptocurrencies by market cap.
Last week, leading crypto analytics firm, Glassnode, showed in its data that selling pressure on Ethereum had reduced while the total supply of the asset on centralized exchanges depleted. Glassnode attributed the depletion to staking activities on deposits on ETH 2.0 deposit smart contracts. While there was massive outflow from exchanges, inflow into ETH 2.0 increased by 26% as investors anticipate the full deployment of the network of PoS consensus.
Meanwhile, Ethereum led an altcoins’ revolt against Bitcoin with ERC20-based tokens like $AXS, $COMP, $AAVE and $SNX swimming in green last week. Interestingly, into this week, $AXS displaced Ethereum while the latter laid back just like Bitcoin. $AXS attained a week-high of $29 before dropping to $18. It picked up speed later this week and settled at an all-time high of $31.
The EIPs upgrade on Ethereum network is scheduled to be fully integrated by August. The upgrades will herald the transition to ETH2.0. In a related development, Founder of Ethereum, Vitalik Buterin has noted that Ethereum is beyond decentralized finance or making other tokens. He highlighted possible use cases the network could accommodate, which includes DeFi becoming decentralized governance- turning accounts on wallets into full-fledged profiles.
It is the same prospects that experts have seen and argued that Ethereum could become the most valuable cryptocurrency, overtaking Bitcoin. This is what they termed as ‘Ethereum Flippening.’ Bitcoin still remains the favorite of individual investors like Twitter founder, Jack Dorsey and institutional investors such as Grayscale Investment Fund and Tesla.