“The Recent Ethereum Price Rally“
The second-largest cryptocurrency, Ethereum (ETH), has seen a substantial 10% surge in its price, reaching $2113 with a market cap of $254 billion. This rally is driven by an increase in the number of ETH addresses across all cohorts.
“ETH Addresses Shoot Up“
Data from Santiment shows that Ethereum’s market value has surged by 38% in the past four weeks, with over 100,000 wallets holding less than 0.1 ETH for the first time. There has also been significant growth in the 0.1-10 ETH and 10,000+ ETH tiers.
“Overcoming Supply Wall and BlackRock Ethereum ETF“
ETH has broken through a major supply wall at $2,030 and is predicted to continue rising to $2,500. The recent rally is attributed to the filing of a spot Ethereum ETF by BlackRock, the world’s largest asset manager.
“Altcoins Joining the Rally“
Alongside Ethereum, other altcoins like Chainlink and Polygon are also experiencing significant gains, with Chainlink recording a 100% increase over the past three weeks.
“Hot Take: The Future of Cryptocurrency ETFs“
With institutions like BlackRock entering the cryptocurrency space and filing for ETFs, it’s clear that this cycle could be a game-changer for institutional investment in cryptocurrencies. As altcoins continue to join the rally, it’s evident that this could be a pivotal moment for generational wealth in the crypto market.
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