Ethereum, the world’s second-largest cryptocurrency, saw a sharp rise in its price since the start of August 2021 amid a jump in retail demand. The results of the latest surge are evident in Ethereum’s address activity.
According to the latest data posted by a crypto tracking and analytics firm, Santiment, the amount of daily new Ethereum addresses has reached the highest level in nearly 4 weeks. New users are creating ETH addresses at a rapid pace near the $3,000 price level of Ethereum.
“Ethereum is hovering at the $3,000 level right now, and behind the curtains, we’re seeing that network growth has been steadily rising this month. New addresses being created on the ETH network is a nice leading indicator of where prices move next,” Santiment mentioned.
Ethereum’s popularity among retail investors has increased significantly since the start of 2021. According to a recent report published by Gemini, in partnership with Coinmarketcap and Seedly, Ethereum is the most popular cryptocurrency in Singapore. Nearly 78% of crypto holders in Singapore are currently holding the world’s second-largest cryptocurrency.
Ethereum Whale Activity
Due to the latest spike in ETH’s price, Ethereum whale addresses have increased the accumulation of ETH. Large addresses holding more than 100,000 ETH now own approximately 43.7% of the total supply. Yesterday, Whale Alert, a leading blockchain tracking platform, highlighted the movement of 50,000 ETH from the digital exchange Gemini to an unknown crypto wallet. The total value of the transaction currently stands at around $159 million.
In a different transfer, the ETH whale account moved 19,223 coins from Binance to Huobi. The world’s top 10 non-exchange Ethereum whale accounts are now holding 21.3 million coins, the highest level on record. On the other hand, the top 10 exchange ETH addresses saw a major drop in the overall holdings this year.
The recent ETH price surge has caused a substantial increase in the overall value of Grayscale’s Ethereum holdings. The company now has more than $10 billion worth of ETH.