Ethereum large transactions grew 100% in 24 hours, will ETH whales drive the Altcoin season?
Ethereum whales have begun to return to the arena as prices rise again. This return marks a turning point in a digital asset, which has suffered a significant sell-off over the past few weeks. So far, their activities have more than doubled in their day-long activities, showing new interest in the market. The implication of this is that Ethereum whales are pushing for recovery and may trigger the start of the altcoin season.
Ethereum whale transaction doubles in 24 hours
According to the linked data aggregation website, intotheblock, Ethereum whales are one of the most active whales in recent days. The data suggests that its trading volume has increased by 100%, as well as the number of transactions within 24 hours. By Tuesday alone, large-scale transaction volumes alone rose 164.14%, bringing the total value to $7.84 billion.
For comparison, these large transactions involve carrying at least $100,000 when moving. On Monday, only 3,080 transactions were recorded. But by Tuesday, that number had surged to nearly 6,000. From here, this trend has grown and a higher rise has been recorded in the amount of ETH traded.
Compared to the total 11.8 million ETH moved back by these large investors on Monday, a total of 30.3 million ETH was moved before Tuesday alone. This translates to an increase in ETH trading volume by more than 150%. This is also in the US dollar amount, shifting from $2.97 billion on Monday to $7.84 billion on Tuesday.
The rise in large transaction volume is consistent with the rise of Ethereum price from around $2,500 to $2,700. This suggests that more rolls are bought by whales rather than sold, thus leading to higher prices in Ethereum.
Can this trigger the Altcoin season?
Historically, Ethereum has been a leader in the Altcoin season because it is the position of the largest Altcoin in the market. This is also due to the fact that many of the top mountain coins in the space are built on Ethereum’s infrastructure, making them the second largest cryptocurrency beta playback. So, when the ETH price goes up, so is the price of AltCoins.
Given this trend, Ethereum is expected to lead the next Altcoin season again, and if its prices continue to rise, the remaining Altcoin is expected to rise with it. However, there is still a problem because Bitcoin’s advantage is still high and needs to start the next altcoin season. Ethereum will have to beat Bitcoin, and so far this has not been the case, as ETH has not reached new all-time highs after Bitcoin, which has stalled the Altcoin season.
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