Is there a secret ingredient behind the recent Ethereum price increase that pushed it beyond the $1,800 mark? According to an insightful tweet from on-chain data firm Santiment, there is indeed a significant factor that played a role in this crypto rally.
Unraveling the Mystery of Ethereum’s Price Increase
Santiment’s analysis reveals that the primary factor propelling Ethereum’s value over $1,800 was the surge in the creation of new wallets, the highest since early October. The analytics team at Santiment suggests that if the Ethereum network continues to expand and the supply of ETH on exchanges keeps dwindling, Ethereum may well justify another leap over the $2,000 threshold. At present, the supply of Ethereum is at its lowest since its genesis.
The Role of Ethereum’s Co-founder
In related news, Ethereum’s co-founder, Vitalik Buterin, has been making some interesting moves. As per reports, Buterin transferred a small amount of ETH, worth around $181,000, to Coinbase, the largest crypto exchange in the US. This transfer took place when the price of Ethereum was $1,810 per coin. Over the past few months, Buterin has been actively transferring ETH to this crypto trading platform, with the total amount reaching approximately $7.23 million in fiat.
Current Ethereum Market Status
As of this writing, Ethereum is trading at $1,798, according to data from CoinMarketCap. The Ethereum price increase has captured the attention of crypto enthusiasts and investors alike, sparking discussions about its potential future growth.
For those who want to keep a close eye on these developments, platforms like cryptoview.io offer a comprehensive overview of the crypto market, including real-time tracking of Ethereum’s price movements. With its intuitive interface and robust analytics, it’s a valuable tool for anyone involved in the crypto space.
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