Unidentified entities have been actively purchasing ether (ETH) recently, acquiring a total of 221,166 ETH and seeing a 21% increase in that time.
In just the past 24 hours, these “mysterious buyers” have spent around $212 million on ether, as noted by the data analysis platform LookonChain.
According to Whale Tracker, these entities manage their ether across six different wallets. They sourced the ether from platforms like Galaxy Digital, FalconX, and BitGo. Notably, one wallet holds around $181 million in ether, while the smallest one is valued at about $128 million.
On Saturday, the number of ether addresses holding over 10,000 ETH reached 868,886, marking the highest level recorded this year, according to GlassNode.
Ethereum’s Market Cap Surpasses Mastercard
This all coincides with Ethereum’s market capitalization hitting $523 billion on Monday, thereby surpassing the $4,000 mark and achieving a 21% price rally over the past week. At the time of reporting, ether was trading at $4,332.
Ether’s market cap has now exceeded that of Mastercard, which stands at $519 billion, as reported by Companiesmarketcap.
In a notable shift, more than $1.3 billion—over 304,000 ETH—was added last week by Coingecko, a company that manages Ether’s Treasury Department, according to reports on Saturday.
Bitmine Immersion Technologies purchased a significant share of ETH, acquiring 208,000 ETH valued at over $900 million. Additionally, Sharplink Gaming invested $303 million in ether.
Analysts Optimistic About ETH’s Future
Market analysts are optimistic about the future price action of ether, with some speculating it could reach $20,000 in the upcoming months.
Analyst Niresh Verma predicts that ETH may hit the $20,000 milestone within the next six to eight months, drawing on historical price patterns.
Meanwhile, technical analyst Merlijn has also suggested that ether could surpass the $20,000 mark.
However, some industry experts have issued cautionary notes to investors. Vitalik Buterin, Ethereum’s co-founder, has advocated for companies to purchase ether for their treasuries but cautions against allowing the situation to devolve into something unsustainable, which could ultimately harm the asset.
