The crypto market has now seen a much-needed recovery after weeks of flat market prices. Most digital assets in the space are currently in the green and Ethereum is no different. The second-largest cryptocurrency by market cap is up by more than 14% in the last 24 hours, plunging more investors into profit. Just like everyone else, a dormant whale has roused from their sleep to benefit from the current market recovery.
Ethereum Whale Wakes Up
Through the recovery that has rocked the crypto market, none has been more interesting than the ETH whale that has roused after more than 6 years of dormancy. The whale had made a transfer for the first time in six years, moving millions of dollars worth of ETH to two addresses.
This whale had begun to be active just as the price of the digital asset was rallying. By the time the whale was done moving thousands of ETH to other addresses, the second-largest cryptocurrency by market cap would grow by another 8%.
Even after transferring out more than 16,000 ETH, there is still a little over 85,000 ETH left on the balance of this whale. For those wondering where all of these ETH came from, a little backtracking through three wallets shows that some of the ETH (20,000) had actually come from the Ethereum Genesis block.
🐳😲 An #Ethereum whale wallet that had not been active for 6+ years woke up today & moved $22.2M worth of $ETH to an empty wallet. $ETH‘s price is +8.1% since this transaction, briefly jumping over $1,500 for the 1st time since the #merge 6 weeks ago. https://t.co/bLwZZwhJSa pic.twitter.com/L78mAfJHq2
— Santiment (@santimentfeed) October 25, 2022
The whale still boasts more than $130 million in their address at the time of this writing. As for the ETH that was sent out, it looks like the sole purpose of the activity was to stake some of the ETH. A good portion of the ETH has been sent to the Ethereum staking contract.
ETH Takes A Good Jump
The price of Ethereum had been struggling to break out of $1,300 for the better part of the month. And in the last 24 hours, it has been able to do just that. The crypto market rally saw ETH record double-digit gains that brought its value to just over $1,500.
Santiment notes that Ethereum’s recovery trend is following that of the S&P 500 which also broke out to a new 5-week high. Not surprising in the least given that the bitcoin correlation with the stock market continues to remain on the high side. Thus, recoveries in the stock and macro markets are being reflected in the crypto market.
ETH marks double-digit growth in one day | Source: ETHUSD on TradingView.com
The recent recovery also brings ETH’s market cap closers to $190 billion. Trading volume also exploded during this time as Coinmarketcap shows that ETH volume is up 236% in the last 24 hours to be sitting at $38.5 billion. The recovery has also put a stop to the sell-offs and significant buy pressure is mounting on the market.
If ETH is able to maintain the current momentum, it is possible that the digital asset will reach as high as $1,800 before the inevitable downward correction.
Featured image from Ledger Insights, chart from TradingView.com
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