The broader cryptocurrency market is up nearly 4% and Ethereum (ETH) is leading the altcoin market rally with more than 5% price gains. The world’s second-largest crypto has seen a surge of more than 15% since early 2023.
At the time of writing, ETH is trading 5.4% higher at a price of $1402 and a market cap of $171.6 billion. Despite the selling pressure in Ethereum over the past two months, shark addresses have surged. On-chain data provider Santiment reports:
Ethereum has jumped above $1,400 for the first time since Nov. 7. In the last 10 weeks ~3,000 new shark addresses (with 100 to 10,000 $ETH) have appeared on the network. 48,556 shark addresses is the highest level recorded since February 2021.
In addition, Ethereum network activity is also on the rise since the Ethereum gas fee has remained below $2 for the past two months. The average gas fee on the Ethereum blockchain is currently just $1.64. According to the new bullish pattern on technical charts, ETH could rise further to USD 1,500.
These Altcoins compete with Ethereum
Along with Ethereum, some other altcoins have been performing extremely well lately. In recent weeks, Cardano and Litecoin have emerged as favorites of traders. Other altcoins that have seen a surge in address activity recently include XRP and Chainlink. On-chain data provider Santiment reports:
XRP Network is +6.2% in the past 24 hours, while the majority of #crypto decreased today. In part, this is due to a large increase in address activity over the past week. We’ve also seen a pattern of big spikes in social dominance leading up to it $XRP exchange rate gains.
Similarly, the total number of unique LINK interactions has increased over the past two months. Address activity on Chainlink is back at 2021 levels. This network utility is likely to be further reflected in future LINK price. Currently, LINK is trading 3.75% higher at a price of $6.34 and a market cap of $3.2 billion.
At the same time, sharks and whales in the crypto market are accumulating the top stablecoin Tether and preparing for the next bull run. There are now 21,459 addresses containing $100,000 or more $USDTclose to reaching a new all-time high.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Ethereum soars past $1400 as Shark addresses pile up
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