The cryptocurrency market registered a much-needed surge recently, with the market cap up to almost $1 trillion. Ethereum, the world’s largest altcoin, led the charge with a 14% hike following recent developments around the Merge.
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ETH, at the time of writing, was trading around $1.35k thanks to renewed interest from enthusiasts. The activities of the whales have only contributed to this cause, as pointed out by the analysis company Santiment. Following this jump, 131 additional whales have returned to the network in the past 10 weeks alone.
Here’s the ETH whale supply distribution status check –
Looking at the aforementioned graph, Santiment added –
“There is an increase in key from 1k to 100k ETH level of addresses since early May when 131 new whale addresses appeared on the network.
Moreover, the number of addresses holding 1+ ETH also reached an ATH of 1,554,716. So, it’s not just dominant buyers that deep-dived into this pool.
However, do these holders, whether old or new, see benefits? Well yes.
CryptoRank evaluated the profitability of the most popular blockchains. Based on the data, it published a ranking of the top-10 blockchains by revenue in seven days.
Ethereum is the undisputed king here. Ethereum is in the lead, followed by BNB Chain, Bitcoin and Helium.
In addition to this, the 30-day returns for Ether underlined a positive picture too, as observed by research firm Jarvis Labs. Here, the 30d returns measure the short-term profit and loss of the aggregated market at a given time.
According to the chart, 30-day returns for Ether “are now heading toward 0% after being deeply negative since April.” This may be a sign that the market is turning more bullish as the merger approaches.
Here, instances when the 30-day returns dip below 0% during bull markets indicate “prime buying opportunities.” On the contrary, “flips above 0% are ideal selling opportunities” during bear markets.
Good days, or is it…?
Different traders and analysts have painted a bullish scenario for the altcoin. For example, according to Michaël van de Poppe, Ethereum could see a “important race » after passing a key level.
Having said that, one needs to be careful given the previous correction that this major altcoin has had. The flagship cryptocurrency traded above $3,000 before a severe downtrend in crypto-markets saw its value plunge.
