The market for crypto-currencies has seen a much-needed rally recently, with the market cap reaching almost $1 trillion. Ethereum, the world’s largest altcoin, led the charge rising 14% on recent developments around Fusion.
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At the time of writing, ETH was trading around the $1.35 million mark thanks to renewed interest from enthusiasts. The activities of the whales have only helped this cause, as the analysis company – Santiment points out. Read also: Bitcoin Price Prediction: Is BTC Price Heading Straight for $30,000 by June?. Following this jump, 131 additional whales have returned to the network in the past 10 weeks alone.
Here is the ETH Whale Supply Distribution Status Check –
Looking at the aforementioned graph, Santiment adds –
“There is an increase in the level of key addresses from 1k to 100k ETH since early May when 131 new whale addresses appeared on the network. »
Additionally, the number of addresses holding more than 1 ETH has also reached an all-time high of 1,554,716. So it’s not just the dominant buyers who have plunged into this pool.
However, do these holders, whether old or new, see benefits? Well yes.
CryptoRank has rated the profitability of the most popular blockchains. Based on this data, it published a ranking of the top 10 blockchains based on revenue in seven days.
Ethereum is the undisputed king here. Ethereum is in the lead, followed by BNB Chain, Bitcoin and Helium.
Additionally, 30-day yields for Ether also underlined a positive picture, as observed by research firm Jarvis Labs. Here, 30-day returns measure the short-term losses and gains of the aggregate market at a given time.
According to the chart, 30-day Ether yields “are now approaching 0% after being deeply negative since April. This may be a sign that the market is becoming more bullish as the Merger approaches.
Here, instances where 30-day yields fall below 0% during bull markets indicate “prime buying opportunities”. On the contrary, “reversals above 0% are ideal selling opportunities” during bear markets.
The good days?
Different traders and analysts have painted a bullish scenario for the altcoin. This may interest you: Panic for these 3 crypto-currencies: Why are Shiba Inu, Ethereum and Dogecoin sinking today?. For example, according to Michaël van de Poppe, Ethereum could experience a “significant rise” after breaking through a key level.
Crucial areas to watch for #Ethereum.
Currently rebounding, while also the $EUR/$USD is showing a slight relief.
If we break above $1,140, my guess is that we will continue and have a significant run towards $1,400-1,500 for $ETH. pic.twitter.com/0IDB6j5fEg
— Michael van de Poppe (@CryptoMichNL) July 12, 2022
That said, one should be cautious given the previous correction that this major altcoin experienced. The flagship cryptocurrency traded above $3,000 before a severe downtrend in crypto markets sent its value plunging.
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