Ethereum may well be ranked as the second biggest cryptocurrency on the market today, but the hype surrounding the market leader bitcoin seems to have left the token in the shade in terms of media coverage, but not for larger scale investment institutions who seem to be stocking up on ETH quietly.
Presently the crypto market is extremely bullish and investment is pouring in as investors look to convert some of their assets and fiat currency into a market that is designed to prevent hyperinflation following the global COVID-19 pandemic that sent shockwaves through the global economy.
As countries were forced to print more currency against their reserves, their fiat currency has seen an erosion in price, pushing investment institutions to seek alternative options and the recent rally of pricing across the cryptocurrency marketplace.
Although bitcoin is getting widely reported for new all-time price points that it continues to surpass, Ethereum also has made significant progress towards making a stand for higher pricing points, crossing the $750 per ETH coin for the first time in 31 months.
Santiment, a data-driven crypto analyst firm took to social networking site Twitter to showcase findings which show that while bitcoin is being bought up in high numbers, so is Ethereum as they report that the number of accounts holding more than 10,000 ETH tokens has increased in the recent weeks.
Monitoring behaviour within the crypto marketplace, Santiment revealed that they had seen that a large number of Ethereum investors have looked to secure more of their asset in recent weeks, pushing the number of accounts holding the token in a number less than 10,000 ETH lower, while accounts holding higher than that threshold were climbing back towards the previous highest levels seen.
Talking about the find, crypto trader Alex Saunders shared his thoughts on the news, saying “Whales accumulate ETH as a retail sells. This is exactly what happened with bitcoin at $10,000 – $13,000 before blast off.”
Can Ethereum climb to an all-time high?
Ethereum may well be recording a strong level of growth today, seeing as high as 20.5% increase at the start of Sunday, however with an all-time high that was recorded three years ago at $1,432 there is still some way to go before it can begin to even think about rallying past that point.
That being said, predictions for the coin are showing a strong push in 2021 and some even claim that with a bullish alt coin season potentially ahead, pushing through to as high as $10,000 an ETH could be possible.
Seems a long way away at the moment, but with bitcoin purchasing continue to eat into the 4.2 million bitcoin liquidity and many looking to hold those buys, we could see some of the traction cross over into Ethereum and carry the price through the barricades that hold it back at the moment.