In the past week, there has been a notable increase in the accumulation of Ether by an unidentified investor, coinciding with significant price growth.
Unknown Investor and Their Ether Purchase
An unidentified entity has bought 221,166 ETH as the asset rallied by 21% over the same timeframe. According to data analytics platform Lookonchain, in just the past 24 hours, this 'mysterious institution' has invested $212 million into Ether. The data indicates that the investor is using six different wallets to store the acquired Ether, purchased from Galaxy Digital, FalconX, and BitGo. The wallet with the most Ether holds $181 million, while the wallet with the least still contains $128 million.
Ethereum’s Market Capitalization and Its Rise
In light of the active purchases, Ethereum’s market capitalization has now reached $523 billion. With a 21% price increase over the past week, Ether crossed the $4,000 milestone and currently trades at $4,332. Ethereum's market cap now exceeds that of Mastercard, which stands at $519 billion. More than 304,000 ETH, worth over $1.3 billion, was added by publicly traded companies holding Ether assets in the past week.
Analysis of Ether’s Price Predictions
Technical analysts have turned bullish on Ether, predicting the asset might reach $20,000 in the coming months. Analyst Nilesh Verma stated that ETH can hit the $20,000 milestone in the next six to eight months based on historical price fractals. However, some experts are cautioning investors. Ethereum co-founder Vitalik Buterin supported companies buying Ether to hold in their treasuries, but warned that it should not evolve into an 'overleveraged game,' which could lead to the asset's downfall.
The situation in the Ethereum market elicits a range of predictions and opinions among analysts, making it interesting to track the developments in the coming months.
