Recent days have seen unusual activity in the Ether market as an anonymous buyer has acquired a significant amount of cryptocurrency amidst its price surge.
Anonymous Ether Purchases
Over the past week, an unidentified entity has acquired 221,166 ETH, equivalent to approximately $212 million. According to blockchain analytics platform Lookonchain, this mysterious institution is using six separate wallets for storage. The largest wallet contains $181 million worth of ETH, while the smallest has $128 million.
Ethereum Market Capitalization Growth
Ethereum's market capitalization has reached $523 billion, surpassing payment giant Mastercard's $519 billion valuation. The current price of ETH is $4,332, with strong institutional interest and a week-long rally contributing to this increase. CoinGecko data reveals that publicly traded companies holding Ether have significantly increased their holdings, adding more than 304,000 ETH worth over $1.3 billion in the past week.
Analysts' Optimism and Cautions
Technical analysts are increasingly optimistic about ETH's price trajectory. Analyst Nilesh Verma predicts that Ether could reach $20,000 within the next six to eight months. However, not all voices are without caution. Ethereum co-founder Vitalik Buterin has expressed support for companies adding ETH to their treasuries but warned against excessive leverage.
In conclusion, the current market dynamics, driven by institutional purchases and accumulation, may foster further growth for Ethereum, but caution is necessary to mitigate potential risks.
