The cryptocurrency market has gained a huge upward momentum after the last drop. The total market capitalization managed to rise up to $1.08 trillion again. This growth was also evident in the price of the leading altcoin Ethereum (ETH). At the time of writing, Ethereum is trading at $1,677 according to CoinMarketCap data and has gained 4.57% compared to the previous day.
There is another interesting piece of data regarding Ethereum growth. In the midst of the rise, the activity of whales buying large amounts of altcoins has attracted attention. By crypto analyst @Ali_charts shared These private whales, which hold roughly 1,000 to 10,000 Ethereum units, have added another 400,000 ETH to their purse as the crypto market has recently plummeted. This purchase is estimated to be worth approximately $600,000,000.
As you can see, there was an uptrend right after the purchase. This development may have contributed to Ethereum’s current price surge.
It’s not surprising to see deep-pocketed investors hoard as much as an asset with promising fundamentals and techniques.
Is Altcoin Rise Temporary?
Crypto markets are going through very active days. The rapid decline and subsequent rise in cryptocurrencies has led many to view the recent rise as a false rise. Because the headwinds that caused the collapse are still seen in the market today.
With a series of negatives swirling despite the uptrend, many community members speculate that the current uptrend may be temporary, but some community members believe it could be the trigger for the next bull run.
You can check the price movements here.