Ethereum Sees Significant Investment from Unidentified Company
A mysterious institution has been aggressively accumulating Ethereum (ETH) over the past week, purchasing a substantial 221,166 ETH as the asset’s value surged by 21% within the same period. According to data analysis platform Lookonchain, in the last 24 hours alone, this entity bought approximately $212 million worth of Ether.
The company utilized six different wallets to store its newly acquired ETH, which was obtained from notable sources including Galaxy Digital, Falconx, and Bitgo. Among these wallets! the one with the largest ETH holdings has a value of $181 million, while the smallest still holds a significant $128 million in value.
Ethereum Market Capitalization Surpasses Mastercard
The purchase comes at a time when the number of addresses holding over 10,000 ETH reached an all-time high of 868,886 on Saturday, as reported by Glassnode. This development is concurrent with Ethereum’s market capitalization rising to $523 billion on Monday, following a 21% rally in ETH’s value over the last seven days, pushing its price above the $4,000 milestone to currently trade at $4,332.
This significant increase in Ethereum’s market capitalization has led it to surpass that of the payment giant Mastercard, which stands at $519 billion according to Companiesmarketcap. Moreover, listed companies with ETH holdings added over 304,000 ETH worth more than $1.3 billion to their treasuries last week, with Bitmine Immersion Technologies being the most notable, purchasing over 208,000 ETH valued at more than $900 million.
Analysts Predict Further Price Increases for ETH
Technical analysts are becoming increasingly bullish on ETH, with some predicting that the asset could reach $20,000 for the first time in the coming months. Analyst Nilesh Verma suggests that ETH could hit the $20,000 milestone due to historical price fractals within the next six to eight months.
Merlijn, a popular technical analyst, predicts that ETH could not only exceed $20,000 but potentially surpass this mark. However, not all industry experts share this optimism, warning investors to be cautious. Ethereum co-founder Vitalik Buterin, while supporting companies buying ETH for their treasuries, cautioned against it becoming an “overleveraged game” that could lead to a decline in wealth value.
