Ethereum, the second largest cryptocurrency, has surged above the $1,400 level, thanks to a number of contributing factors. One significant reason for this price increase is the uptick in the number of ETH shark addresses. According to on-chain data vendor Santiment, there has been a sharp increase in shark addresses over the past two and a half months. In the past 10 weeks alone, 3,000 new shark wallets have emerged on the ETH network, holding anywhere from 100 to 10,000 Ethers each. This surge in shark addresses, totaling 48,556 wallets heavy with Ether, is the highest recorded level since February 2021.
In addition to the increase in shark addresses, Ethereum’s price surge can also be attributed to its following of Bitcoin’s bullish trend. On January 11, Bitcoin surged above the $18,000 level for the first time in a month. This rise in Bitcoin’s price has had a positive impact on Ethereum, causing it to jump above $1,400 for the first time since early November. However, it is worth noting that Bitcoin experienced a sudden crash in November following issues with the FTX crypto giant and its trading firm Alameda Research. Despite this crash, Bitcoin has been trading mainly in the $16,800 range since then.
Another noteworthy event that has impacted Ethereum’s price is the sale of a significant amount of ETH by one of the co-founders of the DOGE meme token. Billy Markus, also known as Shibetoshi Nakamoto on Twitter, announced that he had sold “a bunch of ETH” at the $1,190 price mark in order to pay taxes for 2022. Unfortunately for Markus, he sold the ETH just one day before the price surged above $1,220. Despite this missed opportunity, Ethereum is currently sitting at $1,398 per coin, showing a nearly 5% rise in the past 24 hours.
Overall, the combination of factors such as the increase in shark addresses, Bitcoin’s bullish trend, and the sale of ETH by a prominent figure in the cryptocurrency space has contributed to Ethereum’s recent surge above $1,400. These events have created a positive sentiment around Ethereum, leading to increased interest and investment in the cryptocurrency. As Ethereum continues to show strength and resilience in the face of market fluctuations, it remains a popular choice for investors looking to diversify their portfolios and capitalize on the growing cryptocurrency market.
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