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Ethereum has been performing well owing to the bullish sentiment across the market. The second-largest cryptocurrency by market capitalization has gained to above $4100, and this performance seems to be triggering the action of whale addresses.
Whale Alert, a crypto whale tracking platform, has detected a transfer of large amounts of ETH tokens. These whale transactions have a staggering value of around $1400 billion worth of ETH.
Whales Dominate Eth Transfers
The data from Whale Alert shows that the total ETH transferred to whale addresses has come to around 460,792 Ethereum tokens. These tokens are worth around $1,850,462,337.36 in fiat currency.
A lookout of these whale transactions shows that while some were handled by individuals, others were done by cryptocurrency exchanges. The leading cryptocurrency exchange, Binance, led the charts in terms of ETHwhales after transferring 44,500 ETH tokens. The Binance transfers were done on different batches of 14,000, 20,000 and 30,000 Ethereum.
An anonymous wallet also transferred around 146,169 ETH to another wallet. This single transaction was worth over $570 million in fiat currency.
ETH whale addresses are those that carry between 1 million and 10 million ETH tokens. These large addresses have been accumulating more coins during the recent bullish rally. Data from Santiment shows that these whale addresses have purchased an additional 13.9% ETH tokens.
Ethereum Making Major Gains
The increased activity from whale addresses comes at a time when the crypto market is making major gains. ETH has been gaining increased interest and has managed to break past the highs of $4000.
One of the factors giving ETH an edge over the market competition is the increased use cases of the token. Mike McGlone, the chief commodity strategist at Bloomberg, has speculated that Ethereum can reach $5000. The analyst provided several reasons why the second-largest cryptocurrency could reach this level.
The expert stated that the Ethereum blockchain and token could dominate the finance and money sectors. He noted that it is in this utility that ETH can reach the $5000 level soon. With the Ethereum 2.0 expected to debut next year, the utility for the ETH to go even higher.
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