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Analytics account Lookonchain on the X social media network (formerly known as Twitter) has published data that may signify Ethereum is heading toward a new historic price peak.
The world’s bellwether cryptocurrency, Bitcoin, already reached one once it hit $124,457 roughly 10 hours ago. As for Ethereum, it surpassed the $4,700 price level earlier this week.
Dry powder for ETH to go higher than $4,700
Lookonchain has identified a significant influx of dry powder into the crypto market over the past month – specifically, stablecoins. Circle has minted an estimated 5.5 billion USDC on the Solana chain.
Per Lookonchain’s tweet, this signifies that new money is flooding the market, and this is “a powerful catalyst for a higher price of major assets like $ETH.”
Prior to major Bitcoin price surges, the same thing happens, but it is Tether that floods the market with freshly minted USDT stablecoins.
Whales continue to buy Ethereum despite price surge
According to the same data source, a mysterious financial institution continues to accumulate Ethereum; it started buying before the surge to $4,700 and continues now. Lookonchain stated that this whale has set up two new wallets and bought 33,402 ETH, using them over the past few hours. This amount of ETH is valued at approximately $158 million.
This institution has bought a total of 379,317 ETH worth a whopping $1.8 billion over the past 10 days from such crypto trading venues as FalconX, Galaxy Digital and BitGo.
At press time, Ethereum is changing hands at $4,760 per coin. The last all-time high it reached was $4,891 four years ago, in November 2021.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team