Ethereum's price has significantly risen, driven by active purchases from large investors, pushing the cryptocurrency towards historical highs.
Ethereum Nears All-Time High
Ethereum has gained nearly 2% in the last 24 hours and 22% on the week, approaching the $5,000 mark. This surge has brought the token within 12% of its lifetime peak of $4,900.
Massive Whale Purchases in August
Between August 4 and August 8, one entity reportedly secured 171,015 ETH valued at approximately $670 million. Over the following hours, they increased their holdings by another 49,533 ETH or $209 million, accumulating a total of 221,000 ETH worth roughly $955 million.
Market Watches Ethereum's Response
The ETH/BTC ratio now stands at 0.036, doubling from its April low of 0.018. Market participants are closely watching to see if Ethereum can break past its record high or stall near the $5,000 level.
The growing interest in Ethereum from large investors and changes in market conditions may open up new horizons for the cryptocurrency; however, the market remains uncertain.
