What more can be exciting to a crypto community than a bullish move? From a data reported by CoinMarketCap (CMC), on the 19th of January, Ethereum price once again hurdled past barriers to reach a new high for the year. This is not an everyday move, as the second –largest cryptocurrency in the world by market value, moved past the $1400 bullish mark. That was the first time the price value of Ether (ETH) shot above that price benchmark in the past three years, and as a result, brought excitement to the cryptocurrency community as crypto traders were optimistic that the second-ranked digital currency will surpass the all-time high of $1,432.
The price came really close to an all-time high (ATH) as it rallied to the $1,430 level and crypto traders and investors watched with keenness to see if it would surpass the price mark. At that moment, with the behavior and fundamentals of the coin, investors at that time were positive that a masssive swing would likely cause the Ethereum price to hit a new ATH, breaking the previous set record three years ago. As a result, Ethereum experienced a really huge upsurge in its market cap and reached above $160 billion for the first time in three years.
After much wait, on the 25th of January, Ethereum price rallied past the high that was previously set for the year at $1,430 to set a new all-time (ATH) high at $1,470 within the past 24 hours. This occurred after whales transferred significant amounts of ETH to digital exchanges and unknown wallets. The transactions recorded in the last 24 hours was about 100,000 in 5 different transactions. Although, the significant movement of ETH from exchangers to unknown crypto wallets has been on since the start of the year, and has kept the Ethereum’s price up since then. These massive movements have caused an evident drop in the value held by prominent crypto exchangers.
According to a report from Whale Alert, a blockchain tracker and analytics company, more than 46,000 ETH was transferred by unknown Ethereum whales from the crypto exchanger, binance, to unknown wallets in two transactions. The tracking and analytics company further revealed that 9000 Ethereum was transferred from crypto.com, another crypto exchanger, to unknown wallets. Unknown ETH whales also reportedly transferred about $35 million worth of cryptocurrency to another unidentified crypto wallet. Another 19,000 ETH was also recorded to have been transferred to an anonymous crypto wallet. Also a significant transaction was recorded over the weekend when 57, 625 ETH was transferred from Bitfinex to an unidentified wallet.
All these transactions sum up to about $140 million. There are indications that the move from the major crypto exchanges by ETH whales could be to accumulate the cryptocurrency to create a potential diminish in supply of the coin. According to Glassnode, a crypto analytic company, ETH whale’s accumulation has really spiked recently as the balance of ETH on popular exchanges fell by 4.5% in the past week. One key rationale behind the recent significant move is the increase in the price of Altcoins.