Ethereum addresses with at least 10,000 ETH ($10.7 million) in them have recently jumped, even as the price of the cryptocurrency remains above $1,000 and threatens to move to its previous all-time high near $1,400. Its price and whale accumulation comes as search interest hit a new high.
According to data from Santiment, the number of existing Ethereum whales has increased over the last two weeks from 1,171 to 1,220, which shows large holders are not only keeping their positions, they are confident the price of ether could soon test its previous all-time high.
Ethereum’s price was late last year lagging compared to bitcoin, which started its bull run after PayPal announced it was allowing its users to buy, sell, and hold BTC, ETH, LTC, and BCH on its platform and as corporations started buying BTC to hedge against inflation.
The price of ETH surge at the beginning of the year to get close to its all-time high, at one point trading above $1,300. As the price of BTC dropped from its new high near $42,000, Ethereum’s price corrected as well, briefly dropping below $1,000 before recovering.
The second-largest cryptocurrency by market capitalization recovered at a time in which search interest for it hit a new all-time high. It’s worth noting that the cryptocurrency’s market capitalization is already at a new all-time high. In January 2018, when it was trading near $1,400, there were about 97.1 million ETH in circulation, while now there are about 114.2 million ETH in circulation.
The market capitalization of the cryptocurrency has been surging as demand for it keeps rising both among institutional and retail investors. Retail investor interest is often measured using data from Google Trends, as it shows the interest users have in a specific currency or network over time.
Crypto enthusiasts on social media have been showing they are bullish on ether as well as bitcoin. Cameron Winklevoss, one of the Winklevoss twins and co-founder of the Gemini crypto exchange, said BTC and ETH “have the potential to be timeless,” comparing the cryptocurrencies to Amazon stock.
Featured image via Pixabay.