Ether Surges to $1,850 with Low Exchange Supply and Whale Activity
Ether (ETH), the native token of Ethereum, has experienced a significant surge in price during the recent market rally. It reached a two-month high of around $1,850. This uptrend can be attributed to the low supply of ETH on exchanges, which currently stands at 8.41% – the lowest level since 2015. Additionally, there has been notable activity from whales, indicating a bullish sentiment.
Bitcoin Supply on Exchanges Hits 2018 Low
Similar to Ether, Bitcoin (BTC) has also seen a decrease in its supply on exchanges. Currently, it stands at 5.7%, the lowest level since 2018. This suggests reduced selling pressure in the market. The recent surge in Bitcoin’s price to $35,000 can be attributed to anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). This bullish momentum has contributed to pushing the total crypto market cap to $1.3 trillion.
Is ETH Poised for a Further Rally?
Given the low supply of ETH on exchanges and increased whale activity, many are speculating whether Ether is poised for another rally. With its recent price surge and positive market sentiment, there is potential for further upward movement in Ethereum’s native token.
reported earlier this month, the situation with the primary cryptocurrency is quite similar. The BTC supply on cryptocurrency exchanges dropped to 5.7%, the lowest level since 2018. In comparison, this figure was almost 6% at the beginning of September.
Bitcoin’s rally, possibly prompted by the indications that the US SEC might soon approve BlackRock’s application to launch a spot BTC ETF in the States, seems to be the main catalyst for the recent market revival.
The leading digital asset hit $35,000 on October 24 (for the first time in 17 months), whereas the global cryptocurrency market capitalization reached $1.3 trillion. Those wishing to see how high BTC can jump (according to some prominent figures) could take a look at our video:
Hot Take: Bitcoin ETF Approval and Crypto Market Cap
The recent surge in Bitcoin’s price and the total crypto market cap can be attributed to various factors, including anticipation of the US SEC approving a Bitcoin ETF. This positive development has generated bullish sentiment in the market. As a result, both Ether and Bitcoin have experienced significant price increases. It remains to be seen whether this upward trend will continue, but for now, the crypto market is showing signs of strength and potential growth.
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