These Altcoin Whales Are Awakening: The Great Purge Has Happened!

Over the last 24 hours, the value of the cryptocurrency market has increased by as much as 50 billion. Thus, the chairman altcoin Ethereum (ETH) rose 12 percent to reach $1,500. It should be noted that this level has not been seen for more than a month. ETH last saw $1,500 in the merge that took place on September 15. Meanwhile, Ethereum whales seem to be on the move. A whale, which has been dormant for a while, moved 15,000 ETH to an empty wallet. Here are the details…

There is activity in the leading altcoin ETH

Ethereum, the second largest cryptocurrency after Bitcoin with a market value of 180 billion dollars, has gained momentum in the last 24 hours. It is currently changing hands at $1,495, but reached $1,500 in a 24-hour period. Meanwhile, the movements of an Ethereum whale wallet attracted attention. The whale in question moved more than $20 million worth of coins for the first time in six years. Thus, it suddenly became active on Tuesday. According to reports, the Ethereum whale moved 15,000 ETH to an empty wallet. On-chain information provider Santiment used the following terms while sharing information on the subject:

An Ethereum whale wallet that has been inactive for over 6 years woke up today. He moved $22.2 million worth of ETH to an empty wallet. The price of ETH has risen 8.1 percent since this process. It went above $1,500 for the first time since the merge 6 weeks ago.

For a very long time, ETH has been under solid selling pressure. Therefore, it was trading close to $1,200. However, yesterday’s short squeeze resulted in more than $800 million liquidation in the market in the last 24 hours. Many of these purges have taken place in the last 12 hours. As we have also reported, short squeeze is about investors taking positions that an asset will fall and selling short. Contrary to expectations, if the asset rises instead of falling, a short squeeze occurs.

Why did prices rise?

The sharp rise in ETH price yesterday was driven by US equities affecting the overall crypto market. There was a strong rally in the US stock market. Like Bitcoin (BTC), Ethereum (ETH) shows a greater correlation with the S&P 500 gaining more than 1.63%. While drawing attention to the rise of ETH as a result of yesterday’s break, Santiment said that factors such as the dollar’s condition and growth will have a valuable effect on the market. Along with Ethereum, Cardano (ADA) and Dogecoin (DOGE) are in the middle of other cryptocurrencies with double-digit percentage profits.

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