ETH Like BTC, it is experiencing a very successful period, which has been spiced up with a new historical maximum yesterday. But what’s behind it?
Whales buy ETH
The latest data published by the portal Santiment on their twitter account, show that the wallets that they intend from 1 to 10 million ETH, do not stop buying. Whales will therefore focus on the second largest cryptocurrency. Whales gained more from the total ETH offer 13.9%.
🐳 #ETH‘s top addresses have accumulated $ ETH steadily since early August, and it’s no surprise to see the # 2 asset approaching an #AllTimeHigh of its own. In the past 10 weeks, addresses with 1M to 10M $ ETH have accumulated 13.9% more to their bags. https://t.co/OUccwGBDKC pic.twitter.com/tJpZiN5B9Y
– Santiment (@santimentfeed) October 21, 2021
An interesting fact is that the big players who are hosting ETH on non-exchange platforms owns 5 times more than whales. Specifically, it is about value 22.91 million ETH compared to only 4.6 million ETH, which are concentrated on exchange accounts.
New historical maximum
From the last moment, ETH was able to climb to ATH, almost half a year has passed. Since then, ETH has essentially ridden a similar wave as BTC. However, the situation is different and the biggest analysts estimate that we will soon get to $ 7,000.
Probably the biggest influence on the positive growth of ETH has combustion protocol EIP-1559 which acts as a mechanism for burning transaction fees. From that moment on, a huge amount of ETH was burned, which clearly helped the price to rise.