The surge in the world’s second-largest cryptocurrency, Ethereum (ETH), has been fueled by the filing of BlackRock’s spot Ethereum ETF.
This development has contributed to a substantial 10.36% increase in the price of ETH, currently trading at $2,113 and holding a market cap of $254 billion. Concurrently, Ethereum micro addresses have marked a noteworthy milestone amidst this upward trend in the cryptocurrency’s performance.
Ethereum Price Surge Driven by Address Accumulation and Network Growth
The recent uptick in Ethereum’s price is accompanied by a robust accumulation of ETH addresses across various cohorts. Santiment, an on-chain data provider, reveals a substantial 38% surge in Ethereum’s market value over the past four weeks, attributing this growth to the expanding network.
A noteworthy development is the surpassing of 100,000 wallets in the micro address category, each holding less than 0.1 ETH, marking a significant milestone. Moreover, there is discernible upward movement in the 0.1-10 ETH and 10,000+ ETH tiers.
Courtesy: Santiment
In the midst of this Ethereum price rally, the cryptocurrency has successfully overcome a significant supply barrier at $2,030. Notably, crypto analyst Ali Martinez predicts that ETH’s ascent may not halt until it reaches the $2,500 mark.
#Ethereum is attempting to overcome an important supply wall between $1,972 and $2,030, where 651,000 addresses had previously purchased 33.5 million $ETH.
Notice that there is no other major supply wall ahead of #ETH until $2,500. pic.twitter.com/bcxUk7koCo
— Ali (@ali_charts) November 9, 2023
BlackRock’s Ethereum ETF Filing Ignites Ethereum and Altcoin Surge
The primary catalyst behind today’s substantial Ethereum price surge is the announcement of BlackRock, the world’s largest asset manager, filing for a spot Ethereum ETF. This development was revealed through the registration of an iShares Ethereum Trust on Delaware’s Division of Corporations website. Notably, this move follows a similar pattern observed in June when BlackRock filed for a Bitcoin ETF shortly after a notice for the iShares Bitcoin Trust.
UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023
It’s crucial to note that BlackRock is not the pioneer in filing for a spot Ethereum ETF, with seven applications already submitted to the US SEC by players like VanEck, ArkInvest, 21Shares, Invesco, Hasdex, and Grayscale.
In tandem with Ethereum’s surge, several altcoins are also experiencing a notable rally. Chainlink, an Oracle service provider, has seen an impressive 100% gain over the past three weeks. Simultaneously, Ethereum’s layer-2 platform, Polygon, is witnessing a sharp rally in its native token MATIC, aiming for the $1 mark.
In response to these developments, prominent crypto analyst Lark Davis commented, “BlackRock will get Bitcoin, Ethereum, and yes eventually Chainlink, Solana, etc ETFs. This cycle is when the institutional money shows in big time. It also means it could be the last cycle for insane life-changing generational wealth.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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