In the last week, Ethereum (ETH) reached record market capitalization as the market surged because of Donald Trump's win in the US election. While the digital asset’s market cap rose to $386 billion, its value increased by 30% to touch $3,200. This has prompted analysts to keep a close eye on the increasing ETH whale activity which will indicate future price movements.
Crypto whales have indulged in bigger Ethereum transactions in the US election as the number of over $1 million transactions jumped to 8482, resulting in a total transaction volume of more than $10.4 billion.
This shows a renewed interest of institutional investors in Ethereum enhancing the net worth of the cryptocurrency.
As per the analytics firm Sentiment, there will be a redistribution of Ethereum profits due to the present bullish run of Bitcoin (BTC). This is likely to push ETH towards new heights.
Santiment’s “liveliness” metrics point towards the changing behaviour patterns of ETH holders as most of the price action is now dependent on Ethereum whale activity.
As per the uptick in the Loveliness metrics, some crypto whales are raking in the profits of the ongoing rally in the crypto market. If this goes beyond the initial after-effect of Trump's win then Ethereum’s growth momentum could slow down. However, patterns indicate that this whale activity surge might lead to price appreciation as it offers support to the digital asset.
The primary challenge of ETH at the moment is to cross the $3,327 barrier which could lead to a surge to $3,524.
As of November 11 evening, Ethereum was trading at $3299, up 2.78% in the last 24 hours with a 32.12% increase in the trading volume which stands at $51.73 billion while the market cap is at $397.47 billion.