The world’s second-largest cryptocurrency Ethereum (ETH) joins the mega rally in the altcoin space with the ETH price shooting by a staggering 10%. As of press time, ETH is trading 10.36% up at a price of $2113 with a market cap of $254 billion.
ETH Addresses Shoot
The recent Ethereum price rally comes amid a strong accumulation of ETH addresses across all cohorts. On-chain data provider Santiment reported that in the past four weeks, Ethereum has experienced a significant surge in its market value, witnessing a remarkable increase of +38%.
This surge is attributed to substantial growth in the network. Notably, the number of micro addresses holding less than 0.1 ETH has exceeded 100,000 wallets for the first time. Additionally, there is a notable upward movement in the 0.1-10 ETH and 10,000+ ETH tiers.
Amid the recent ETH price rally, ETH has managed to overcome a major supply wall at $2,030. As per popular crypto analyst Ali Martinez, the ETH price has not further stopped until $2,500.
BlackRock Ethereum ETF
The biggest trigger to the Ethereum price rally today is the filing of the spot Ethereum ETF by the world’s largest asset manager BlackRock.
Delaware’s Division of Corporations website displayed the registration of an iShares Ethereum Trust on Thursday. This development mirrors a pattern observed in June when BlackRock filed for a Bitcoin ETF shortly after a similar notice for the iShares Bitcoin Trust.
— James Seyffart (@JSeyff) November 9, 2023
Note that BlackRock is not the first to file for a spot Ethereum ETF. So far there have been seven applications submitted to the US SEC by players such as VanEck, ArkInvest, 21Shares, Invesco, Hasdex, and Grayscale.
Along with Ethereum, several altcoins have joined the recent rally. Oracle service provider Chainlink has recorded 100% gains over the past three weeks. On the other hand, Ethereum’s layer-2 platform Polygon is also seeing a sharp rally in its native token MATIC eyeing $1.
Amid the current developments, popular crypto analyst Lark Davis said: “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”.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.