Altcoin rally led by Ethereum (ETH) and Shark addresses the accumulation

The overall cryptocurrency market is up nearly 4%, and Ethereum (ETH), which is leading the altcoin market rally, has seen more than 5% price increases. The second-largest cryptocurrency in the world has experienced a strong surge, with more than 15% gain since 2023.
ETH trades at a price $1402 and a market capital of $171.6 billion as of press time. Despite the selling pressure in Ethereum the past two months, shark addresses are still accumulating heavily. On-chain data provider Santiment reports:


Ethereum has jumped above $1400 for the first times since November 7th. In the last 10 weeks, approximately 3,000 new shark addresses (holding 100-10,000 $ETH) have appeared on the network. This is the highest number of shark addresses since February 2021, at 48,556
Courtesy of SantimentBesides, Ethereum network activity has been increasing since the Ethereum gas fees remain below $2 over the past two months. The average gas fee for Ethereum blockchain is currently $1.64. According to the bullish pattern in technical charts, ETH could rally further up to $1,500.
These Altcoins Compete with Ethereum
Other altcoins, along with Ethereum have been performing exceptionally well in recent weeks. Litecoin and Cardano have been traders’ top choices over the past few weeks. Chainlink and XRP have also seen a surge in address activity. On-chain data provider Santiment reports:
Trending Stories

XRP Network has increased by 6.2% in the last 24 hours, while #crypto has fallen today. This is partly due to a significant increase in address activity over this week. We also saw a pattern of huge social dominance spikes that led to $XRP price increases.
Courtesy: Santiment

The number of unique LINK interactions has increased over the past two months. Chainlink’s address activity has returned to 2021 levels. This network utility will likely reflect in the LINK price moving forward. Currently, LINK trades at $6.34 with a market cap $3.2 billion and is up 3.75%.
Crypto market sharks and whales are also accumulating the top stablecoin Tether, and preparing for the next bullrun. There are currently 21,459 addresses holding $100k or more $USDT. This is close to a new record.

About the author

The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

Crypto Stories
View all