More and more people are buying Ethereum – after Bitcoin now the ETH bull run?
Ethereum has seen a sharp rally to $ 406 – an 8% increase in the past 24 hours.
ETH is expected to rise higher as there appears to be an accumulation trend among Ethereum investors.
According to new data, 250,000 ETH were transferred from Bitcoin Bank in the last 24 hours, which corresponds to 10% of the stocks on the exchange.
Data show: Ethereum is accumulating heavily
Ethereum has seen a strong rally in the past few hours on the news about ETH2 and Serenity. ETH is currently being traded for $ 406, which is an increase of around 8% in the last 24 hours alone.
The coin is now outperforming Bitcoin, which also experienced an upturn last day.
It is assumed that ETH will be quoted higher, as a trend towards accumulation can be observed among Ethereum investors.
A crypto asset analyst has shared the data below amid the ETH uptrend and commented that the accumulation occurs according to on-chain trends. According to the data, 250,000 ETH were transferred from Binance in the last 24 hours – this corresponds to 10% of the stock exchange holdings.
Some believe this is a consequence of the release of the ETH2 custody contract. This could add to the Ethereum accumulation as investors seek to amass ETH in order to generate returns through this blockchain appreciation.
ETH2 introduces a proof of stake consensus mechanism into the Ethereum system. It rewards those who use their coins as long as they properly validate the blocks in the chain.
“$ 258k ETH was withdrawn from Binance in the last 24 hours. Almost 10% of what Binance had in its wallets. Let’s turn this into another 10% sales liquidity crisis that will come in a few months. Where are you going to get Eth from when it’s all locked in smart contracts and DeFi? Do you think ahead? “
ETH owned by top crypto asset exchanges shared by Pentoshi, head of TA at Blockfyre
ETH is also being driven forward by the institutional takeover. For one, the Australian reserve bank recently announced that it would use Ethereum technology for its CBDC.
“Reserve Bank announced today that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, in a collaborative effort to study the potential use and impact of a wholesale form of Central Bank Digital Currency (CBDC) using Distributed Ledger Technology (DLT) … The project includes the development of a Proof-of-Concept (POC) for the issuance of a tokenized form of the CBDC used by wholesale market participants for financing, settlement and repayment of a tokenized syndicated loan can be used on an Ethereum-based DLT platform. „
In addition, CFTC chairman Heath Tarbert recently stated that he supports Ethereum – and even described the blockchain as innovative and exciting.