According to CoinGecko, the global crypto market cap has risen back above $1 trillion, soaring more than 5% in the last 24 hours to $1.02 trillion.
Bitcoin (BTC) is up 5% and has passed the $20,000 mark, while ETH has reached $1,500 for the first time since the September merge.
Analysts point to macroeconomic trends, and the stock market is up today as well, as the origin of the market’s current green surge.
On Wednesday, the price of Ethereum increased by more than 10%. It rose slightly to $1,507 before falling back. This is the first time Ethereum has reached the $1,500 mark since September 15, when the price of ETH plummeted following the network’s successful merge upgrade.
According to Santiment, a long-dormant Ether (ETH) whale wallet has been activated for the first time in over six years and transferred $22.2 million in Ethereum to an empty wallet.
“[Ethereum’s] price is +8.1% since this transaction, briefly jumping over $1,500 for the 1st time since the merge 6 weeks ago,” tweeted the market intelligence platform.
🐳😲 An #Ethereum whale wallet that had not been active for 6+ years woke up today & moved $22.2M worth of $ETH to an empty wallet. $ETH‘s price is +8.1% since this transaction, briefly jumping over $1,500 for the 1st time since the #merge 6 weeks ago. https://t.co/bLwZZwhJSa pic.twitter.com/L78mAfJHq2
— Santiment (@santimentfeed) October 25, 2022
The address is not the only long-dormant whale that has recently resurfaced. Another whale address that was inactive since 2015 was recently active, moving 400 ETH. Santiment had previously stated that whale addresses had moved approximately 320,000 ETH since October 20.
For a long time, ETH was trading near $1,200 under heavy selling pressure. However, yesterday’s market correction resulted in more than $800 million in short market liquidations in the last 24 hours. The vast majority of these liquidations occurred within the last 12 hours.
Both Bitcoin and Ethereum are gaining momentum as Wall Street musters up a few strong sessions. The economy is showing further signs of weakening and that is helping investors grow confident that the Fed will be in a better position to downshift their tightening pace after next week’s FOMC meeting
said Edward Moya, a senior market analyst with OANDA.
Along with Ethereum, other cryptocurrencies with double-digit percentage gains include Cardano (ADA) and Dogecoin (DOGE). Here’s why Dogecoin is gaining ground in this rally.
