03-07-2020 icon

Whales Accumulate ETH as Ethereum Upgrade Approaches

By calvin
accumulate ethereum

Whales are increasing their holdings of Ethereum (ETH) as data reveals the supply of ETH controlled by the top 100 wallets is almost 25%. Analysts assert that the behaviour is a result of anticipation for Ethereum’s blockchain upgrade, ETH 2.0.

Whales Accumulate Ethereum

As whales accumulate Ethereum, anticipation heats up for higher prices with the cryptocurrency making higher gains.

According to data analysis firm Santiment,

“The top 100 holders of #Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. “

Trading of ETH is also on the rise, with volumes at over $17 billion in 24 hours. The rise in trading activity has been accompanied by heightened mining activity. 

Inflows of Tether

Now, there are more inflows of Tether(USDT). A transaction of over 200 million USDT was sent from TRON network to Ethereum network after its retirement from TRON. A growing number of developers and enterprises believe Ethereum to be great for both app building and monetary activities.

Rating company, Wiss Crypto Ratings says, 

“We’ve seen people call #ETH “fiat money” while praising governments for their efforts to introduce their own “digital currencies” like it relates to crypto. Right now, ETH is the main project pushing our industry forward. Whether you want to build or trade, ETH is where it’s at.”

Weiss Ratings suggests that Ethereum is pushing the industry forward. While this may be true, the fact remains that it is still far from all-time-highs. Nevertheless, other analysts remain optimistic that there could be a break out soon for the cryptocurrency. 

Ethereum is an open-source, public blockchain-based platform that uses smart contracts to facilitate transactions on the blockchain. Its system gains significant influence from Bitcoin, the apex cryptocurrency.