As a seasoned researcher with over two decades of experience in the ever-evolving world of finance and technology, I’ve witnessed firsthand the incredible rise and fall of various digital assets. The recent trend of Ethereum’s largest token holders increasing their dominance is not lost on me. Having closely followed the crypto market since its inception, I’ve seen similar patterns before – whales amassing large amounts of a coin only for it to skyrocket later.
Over time, significant Ethereum token owners have consistently added more of the cryptocurrency with the second-highest market value, thus expanding their influence and control in the process.
Based on findings from on-chain research company IntoTheBlock, it appears that Ethereum’s large investors (whales) have been steadily amassing more Ether since 2019, with this trend gaining momentum following the Shanghai network upgrade in early 2023. This update marked the beginning of staked Ether withdrawals.
On the widely-used microblogging site X (previously called Twitter), it’s evident from the data that a significant number of whale accounts now hold more than 43% of Ethereum’s total available supply, with an increasing trend towards the 48% currently controlled by retail investors.
Since 2019, major Ethereum owners have progressively expanded their influence by acquiring more ETH, a trend that has persisted. This accumulation rate picked up pace in early 2023, around the time of the Shanghai upgrade. Now, these addresses hold over 43% of Ethereum’s total supply.— IntoTheBlock (@intotheblock) September 9, 2024
This year, Ethereum, the second-largest digital currency, has struggled to keep pace with Bitcoin. While Bitcoin has surged by approximately 33.6%, Ethereum’s growth has been much more modest at a mere 1.4%. Currently, Ethereum’s market value is roughly $278 billion.
Interestingly enough, Benjamin Cowen, a well-known cryptocurrency expert, has pointed out that Ethereum’s monthly price charts mirror its performance from 2016 remarkably well. This pattern implies that if this trend persists, Ethereum might finish September with gains but could fall later in the year. However, it may experience a significant rise in 2025.
According to Cowen’s recent insights on X, Ethereum might experience a significant rise similar to its past price surges. In August 2016, Ethereum was trading around $11, but by the end of 2017, it skyrocketed to $370, and even reached over $1,360 in early 2018 before the subsequent market downturn.
Should Ethereum mirror its approximately 12,200% growth from 2016, this digital currency could soar past the $30,000 level during an unprecedented bull run. This dramatic increase would also significantly boost Ethereum’s market capitalization.
Keep in mind that a currency’s historical performance doesn’t guarantee its future success. The crypto market can be quite erratic, with unexpected incidents capable of influencing anticipated price fluctuations.
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2024-09-12 02:12