Ethereum recent 8% surge marked its largest ever increase in over month, igniting the crypto ecosystem.
The recent surge witnessed Ethereum outperform major crypto assets such as Bitcoin.
According to BeinCrypto, the recent surge in Ethereum is fueled by speculation about potential US exchange-traded funds (ETFs) for Ethereum, sparking intense discussion among crypto community members.
Ethereum has a current price of $3,680, tallying a 62% year-to-date gain, closely trailing Bitcoin’s 68% rise.
Recently, backers of the spot Ethereum ETFs have reportedly engaged with the United States Securities and Exchange Commission feeling optimistic about the opportunity after the US SEC approved a spot Bitcoin ETFs in January, attracting over $59 billion in assets to the ETF.
Ethereum’s overall performance has led a speculation of the crypto asset ETFs being backed by financial heavyweights like Blackrock and Fidelity investments. However, the SEC final go-ahead remains uncertain.
In other news, Significant acquisition of Ethereum by crypto whales have been reported recently. Before the surge, over $35 million in ETH has been acquired by crypto whales, pushing the price above $3,400 on Monday.
Taking advantage of the Surge, Alameda Research, tied to the defunct FTX, has been very active in the Ethereum market.
Reports from Spot on Chain indicate a notable 4,000 ETH ($14.75 million) deposit by Alameda to Coinbase, the largest since a major rally in February.
The transfer to a centralized exchange like Coinbase indicates that the crypto firm has intentions to sell Ethereum.
Alameda Research’s wallets still retain substantial Ethereum assets, with $64 million in Wrapped ETH (WETH) and ETH.
According to experts, the large deposit by Alameda Research poses a complex situation for Ethereum. The deposit happened in a critical period with impending regulatory approvals and market movements set to significantly determine Ethereum’s trajectory.
Recommended reading: What could happen to Ethereum in 2024?
What to Know
- Ethereum is the largest Altcoin by price and market cap. Its current Price is $3,680 with a market capitalization of $442.82 billion.
- Ethereum accounts for over 17% of the total $2.49 trillion market capitalization of all crypto currency assets.
- 1 Ether is currently worth N4.480 million
