• 15 June, 2024

Ethereum Surges 38% in Market Value: Micro Addresses Cross 100K Milestone  

While Ethereum’s market value has surged by an impressive 38% over the last four weeks, micro addresses, each holding less than 0.1 ETH, have breached the 100,000 mark for the first time. The positive momentum extends to higher tiers, with both the 0.1-10 ETH and 10,000+ ETH brackets showing signs of an upward trajectory.

Market intelligence from Santiment revealed a significant surge in Ethereum’s network growth in recent weeks. Micro addresses, holding less than 0.1 ETH, reached an all-time high of approximately 103,000 wallets. Similarly, addresses holding between 0.1 and 10 ETH experienced a notable increase of around 12,500 in the past two weeks. Additionally, two more substantial investors, each with over 10,000 ETH in their accounts, have joined the Ethereum network.

Analysis by IntoTheBlock indicated that whales, constituting large holders of Ethereum, currently control a concentration of 32.94%, holding about 40.83 million ETH. In contrast, smaller investors collectively account for 12.48% of the market, equivalent to 15.47 million ETH. The evolving landscape of Ethereum’s address holdings suggests a growing interest from smaller-scale investors, marked by a surge in the smallest wallet categories.

As of the latest market update, Ethereum experienced a noteworthy boost in its price on Thursday. This surge coincided with Bitcoin’s flirtation with the $38,000 point, marking a significant rebound from the recent crypto market downturn triggered by the Terra Luna UST implosion.

Recently, analysis from Glassnode revealed the crypto market, spearheaded by Bitcoin (BTC) and Ethereum (ETH), experienced recovery in 2023 after enduring the hardships of the crypto winter. Prices of Bitcoin have more than doubled in value since the beginning of the year, while Ethereum amassed gains of over 50%, according to CoinMarketCap.

Presently, Ethereum’s price has stabilized around $2,000 following an impressive 10% rally within the past 24 hours. Consequently, Ethereum investors have enjoyed a substantial 65% year-to-date growth in their portfolios.

The recent surge in Ethereum’s value can be attributed to heightened speculation in the altcoin market. Notably, the revelation that BlackRock has filed for an Ethereum exchange-traded fund (ETF) sparked renewed interest. This move signifies a shift in demand towards Ethereum’s leading smart contracts and decentralized finance (DeFi) ecosystem.

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