$57 Million ETH Transfer Commanding Ethereum Market Price, What More To Expect?
Ethereum (ETH), the 2nd largest cryptocurrency by market,
has constantly followed Bitcoin (BTC) price surging course, as the crypto market enters the supposedly bullish season. The buying pressure has drastically increased, and the crypto whales keep moving their precious assets from one account to another. A recent Ethereum (ETH) whale fund transfer has been reported, with $57 Million worth of ETH moved, leaving a positive impact on its price, as it keeps surging without relenting.
Bitcoin has obviously led the price growth race in the market, while other cryptocurrencies follow. Ethereum (ETH) has also managed pace along, but it is still lagging behind as BTC threads up with great momentum .Ethereum has been one of the best performers among the top 10 cryptocurrencies. It seems obvious that altcoins that are ready to join Bitcoin’s price growth would benefit greatly as the crypto market capitalisation keeps appreciating on daily basis.
Ethereum Whale Moves $57 Million Worth of ETH
Crypto whales’ activity is a big deal that can never be underestimated. Their past impacts in commanding the prices of cryptocurrencies in the market have been quite enormous.Also READ Why Government and Binance Investment In TravelbyBit Could Take Crypto Adoption To A New Level. Sometimes it favours the market and the otherwise can also occur, but the recent huge transaction of ETH is indeed beneficial to the price of the digital currency, as it continues to trend upward over the last 24 hours.
According to Etherscan, a huge transaction of 173,932 ETH was moved from 0x60cd748f838651c003c24dbde33c8885d504ed9d to 0xd3e3664b58adf11c8f4d46f7bb666cf2e97f9029, which worth relatively $57 Million at press time. The transfer was effected at 03:41:04 AM +UTC, on 3rd June 2019. Ethereum has been enjoying relatively 8% price upsurge in the last 24 hours. At the time of filing this report, ETH is trading at $338.12, with over 36 Billion market capitalisation, and $12,168,825,632 24H volume.
Bitcoin’s Price Rally and How It Has Impacted the Market, Especially Ethereum (ETH)
Bitcoin (BTC), the largest cryptocurrency by market cap has been initiating a distinct and beautiful price rally in the market. However, some altcoins have been reluctant in joining the pace. Top 10 cryptocurrencies such as Ripple XRP, Litecoin (LTC), Binance (BNB), EOS, Bitcoin SV (BSV) and others have failed to replicate the present price trend in the market. While the likes of Ethereum (ETH), Bitcoin Cash (BCH) and Tron (TRX) are so far the best performers that are ready to share the market lots with Bitcoin (BTC), and more is expected from them in coming day.
Ethereum is seemingly natured to grow concurrently with Bitcoin, due to its past and consistent reactions to the surging trend of the digital currency. However, this changed a bit about two weeks ago, when BTC kept growing with no positive impact on ETH. The recent Bitcoin price rally is greatly favouring the growth of Ethereum, giving its investors good investment return and convincing the potential suitors in leveraging on this consistent price appreciation.
Article Produced By
Solomon Odunayo
I am a creative writer and a cryptocurrency enthusiast. Learning and writing about Bitcoin (BTC), Ripple's XRP, and TRON (TRX) are my hobbies.
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