Robust hands seem to have been supporting the recent run towards record heights for Ethereum’s Ether price rate.
The amount of whale addresses (such as holding a minimum of 10,000 ETH) soared to a 13-month high of 1,104 in the midst of the rally on Saturday, according to specialized data from blockchain analytics company Glassnode. Additional 35 whale addresses have been established this month alone, and 75 since the middle of November.
The enhanced deposits by investors with deep pouches may have put increasing pressure on the Ether’s rate.
The second-largest cryptocurrency by market capitalization rocketed to a record high of $1,448 late on Sunday, representing a more than a 90% increase on a year-to-date basis at the time.
Modest investors seem to have participated in the rally as well. The amount of non-zero addresses and such stacking at least 0.1 ETH both have climbed to record highs.
While the on-chain data is promising for Ether bulls, drawing assumptions from metrics converging around address growth variations should be conducted with a bit of salt, as a single user could potentially control numerous addresses. Nevertheless, the data would appear to imply an inflow of money into the Ether market, most likely due to both new and existing investors.
