The amount of millionaires in this altcoin has reached a new peak, the number of millionaires of this altcoin is increasing and their tactics seem quite simple.
Number of altcoin millionaires is at its peak
According to Glassnode, the number of addresses holding 1,000 ETH and more has hit a new monthly high. Remarkably, the mark of 6,600 such whale addresses was previously passed at the time of the ETH price leak in mid-December.
But now, the price of the crypto market’s main altcoin is back to where it was before the dramatic FTX crash, but the number of millionaires on Ethereum continues to rise.
Argument and counter-argument
It can be assumed that on the account of these investors, Ethereum will continue to move upwards, and even more so during the flattening in Bitcoin’s price and the drop in its dominance. The argument is also supported by the fact that ETH is currently 1% behind BTC in January’s price action.
Recall that the classical flow of funds in the crypto market assumes movement from Bitcoin to Ethereum and then to other altcoins, in the end it is all meme coins and dumping.
Counter-arguments are that the number of addresses with more than 10,000 ETH in their balance has reached the monthly low of 1,199 wallets. It is also reported that 61.1% of all Ethereum addresses are already in profit. Thus, it turns out that the biggest players play conservatively and take their profits, but still a large volume that can be cut at any time.
ETH price could still rise
cryptocoin.com As we mentioned, ETH is currently trading at $1,622 after a price drop of 0.85% in the last 24 hours. In addition, the altcoin is still green more than 4% compared to last week.
Since yesterday, ETH has managed to strengthen by around 1.21% against its biggest rival, Bitcoin (BTC). ETH’s 24-hour trading volume stands at $7,273,586,935 after up 4.75%. The market cap of ETH is currently $198,484,719,627.
The Relative Strength Index (RSI) on ETH’s daily chart has posted lower highs, which could indicate that the bullish momentum for ETH is gradually decreasing.
Despite this bearish trend, it is still possible for ETH price to make another uptrend despite all the signs against it and record a higher high while the RSI records another low. During this liquidity hunt, the price of ETH can go up to $2,000. If this happens, it will likely be a very short-term bullish move. If Bitcoin bulls can make a strong comeback, the ETH price could continue to rise even higher.
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