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During the preparation of this article, the king of altcoins is finding buyers at $1,850 and the decline in BTC has also had a negative impact on it. Although there has been no significant gain on the DXY front, cryptocurrencies have diverged negatively from the overall market. So, what does the current situation tell us about Ethereum (ETH)? The current status of whales and other details.
Cryptocurrency Analysis
The cryptocurrency markets experienced a fluctuation when it was accepted that XRP (Ripple) was not classified as a security in its legal battle with the SEC. As a result, there was a significant increase in buying activity in the market, leading to a sharp rise in the prices of many crypto assets.
However, the markets, feeling the pressure from the Fed, started to see a sell-off again after Bitcoin lost $29,700 in price. Institutional investors withdrew millions of dollars from crypto funds last week. Following four weeks of continuous inflows, it became apparent that there was a significant level of negative sentiment with the latest outflow. Investors continue to reduce their risks due to concerns about the decision that will come tonight.
Ethereum (ETH)
The Ethereum network has reached a new all-time high in terms of the value of stake, which is crucial for security. More stakers make the network more secure.
- The Ethereum network is currently secured with a staggering value of $52.3 billion, which is the highest value it has reached so far.
- As the value of ETH used to secure the network increases, it becomes increasingly difficult for any potential attacker to gain control over the network.
- Currently, the staking rate, which represents the percentage of locked ETH to secure the network, is at 17.78%.
This week, we also saw an inactive old Ethereum wallet become active after almost 9 years of inactivity. This wallet had participated in the ICO where the Ethereum Foundation distributed 60 million Ether (ETH) tokens to early supporters. The inactive Ethereum ICO whale transferred a total of $116 million worth of ETH to the Kraken exchange.
Throughout this year, there have been several examples of whales transferring inactive funds, and although it is an unexpected situation, it is not the first occurrence. The successful outcome of Ethereum’s initial coin offering (ICO) in 2015 set a precedent for numerous blockchain projects to raise funds through token sales, thus catalyzing the proliferation of ICOs in subsequent years.
