Ethereum whale addresses are moving cryptocurrencies from exchanges at a record rate
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Answer Ethereum whale addresses are moving cryptocurrencies from exchanges at a record rate
Ethereum, like other cryptocurrencies, was subjected to a correction after Bitcoin fell to levels below $60 thousand.
The world’s second largest cryptocurrency has corrected almost 10% since its price topped its record high of $4,800 last week.
Although the price of Ethereum is under pressure, Ethereum whales continue to devour supply and supply.
Currently there is an interesting supply war between the addresses of whales entering and exiting their cryptocurrency exchanges.
The top 10 titles for whales continue to grow even larger.
According to report Feelings:
Ethereum is witnessing an increase in the number of Ethereum at the top 10 non-exchange addresses (they do not trade and have not entered their cryptocurrency to exchanges) as it continues to grow even more, while the top 10 exchange addresses (trading their cryptocurrencies on exchanges) are shrinking.
Read:China’s Supreme Court Declares Cryptocurrency Not Protected By Law
Ethereum price hike by 300% by the end of the year:
Raoul Pal, a former hedge fund manager at Goldman Sachs and an ardent crypto evangelist, appears to be very optimistic about Ethereum.
Raoul Pal expects a staggering 300% price hike in the price of Ethereum over the next six weeks, i.e. by the end of the year.
Pal tweeted:
I don’t expect perfection but with all the other analyzes I’ve done, something like a 100% to 300% spike is very likely at the end of the year.
It’s a strong rally, I think it’s only a matter of time and we see much higher prices.
At press time, Ethereum (ETH) is trading down 0.77% at $4,250 with its market cap still above $500 billion.
The price of Ethereum may correct more than the current levels, however, many analysts expect that it will get strong support at $4,000.
The Ethereum blockchain recently went through a significant upgrade and split called “London.”
The latest upgrade introduced an Ethereum burning mechanism to take care of the increased gas fees.
Read:It’s been 9 years since the bitcoin market cap reached $1 billion
This has also contributed to the decrease in the supply of Ethereum.
In fact, the rate of burning of Ethereum increased beyond the rate of production of Ethereum, which made Ethereum become a deflationary asset par excellence.
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