Crypto News- In a stunning turn of events, Ethereum (ETH), the world’s second-largest cryptocurrency, has surged by an impressive 10% amidst the ongoing altcoin frenzy. As of the latest update, ETH is trading at $2113, marking a remarkable 10.36% increase, with a market cap soaring to $254 billion.
ETH Price Sees a 10% Boost on November 10
The surge in Ethereum’s price is not a solitary phenomenon; it coincides with a notable uptick in ETH addresses across various categories. On-chain data provider Santiment reveals a striking 38% surge in Ethereum’s market value over the past four weeks. This surge is closely tied to substantial growth in the network, particularly evident in the number of micro addresses now exceeding 100,000 wallets, each holding less than 0.1 ETH for the first time. Furthermore, there is a noticeable upward trend in the 0.1-10 ETH and 10,000+ ETH tiers.
Ethereum’s bullish momentum has successfully breached a significant supply wall at $2,030, with crypto analyst Ali Martinez predicting that the rally won’t halt until ETH reaches $2,500.
Adding fuel to the Ethereum fire is the recent announcement by BlackRock, the world’s largest asset manager, regarding the filing of a spot Ethereum ETF. The registration of iShares Ethereum Trust on Delaware’s Division of Corporations website has sent shockwaves through the crypto space. Interestingly, this move follows a pattern observed in June when BlackRock filed for a Bitcoin ETF shortly after a similar notice for the iShares Bitcoin Trust.
While BlackRock is not the pioneer in filing for a spot Ethereum ETF, with seven other applications submitted to the US SEC by players like VanEck, ArkInvest, 21Shares, Invesco, Hasdex, and Grayscale, its entry into the arena is expected to have a substantial impact.
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