Ethereum large transactions jump 100 % in 24 hours, will the ETCOIN whales pay the altcoin season?
Ethereum whales began to return to the square where the price rose again. This yield is a turning point for digital assets, which has suffered from large sales over the past few weeks. Until now, they have doubled more than twice their activities in one day, which indicates a renewed interest in the market. The effects of this are that Ethereum whales lead healing and may lead to the beginning of the Altcoin season.
ETHEREUM whale transactions double within 24 hours
According to the data collection site on the series, InTothheblock, Ethereum whales were one of the most active In recent days. Data Hint To an increase of more than 100 % in their transaction sizes, as well as the number of transactions in a 24 -hour period. The sizes of large transactions alone rose 164.14 % by Tuesday, up to the total value of the dollar to about 7.84 billion dollars.
For comparison, these large transactions include transactions bearing at least $ 100,000 at the time of their transfer. On Monday, only 3,080 transactions were registered. However, by Tuesday, this number rose to nearly 6000. From here, the direction grew, and a higher increase in the ETH size was recorded.
Compared to a total of 1.18 million ETH, which was reported by these big investors on Monday, a total of 3.03 million Eth was transferred on Tuesday alone. This has been translated into an increase of more than 150 % in the volume of processed ethics. This also continued in size in dollars, moving from $ 2.97 billion on Monday to $ 7.84 billion on Tuesday.
The increase in large transactions sizes coincides with the high price of ETHEREUM from about $ 2,500 to $ 2700. This indicates that more of this folder was Buy whales instead of sellingWhich leads to the jump in the price of ETHEREUM.
Can this lead to the altcoin season?
Historically, Ethereum has always been Altcoin season captainLooking at its location as the largest altcoin on the market. This is also due to the fact that many of the most prominent Altcoins in the area are based on the ETHEREM infrastructure, which makes it experimental to the second largest encrypted currency. So when the price of ETH, as well as the ALTCOINS price, rose.
Looking at this trend, Ethereum is expected to lead again the next altcoin season, and if its price continues to rise, it is expected that the rest of Altcoin will rise with it. However, there is still a problem because Bitcoin’s dominance is still very high and you will need to fall for the next altcoin season. Ethereum will have to outperform Bitcoin, and yet, this was not the case because ETH has not yet reached the highest new level ever after Bitcoin, which led to the stop of the Altcoin season.
Distinctive image from Dall.e, Chart from TradingView.com
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