- Ethereum dropped to as low as $86 during the Coronavirus crash of March 2020
- Ethereum has since posted a new all-time high of $1,919 – Binance rate – less than a year later
- This signifies a 22.3x increment in value or 2,130% in profits
- $2k is not that far away for Ethereum as ETH accumulation continues by whales
Ethereum investors who bought ETH during the massive Coronavirus crash of March 2020 are smiling all the way to the bank. During the latter event, the crypto markets crashed due to the uncertainty brought about by calls of global lockdowns to take the pandemic. As a result, Ethereum dropped to as low as $86 on Binance. Less than 12 months later, Ethereum has posted a new all-time high of $1,919 – Binance rate.
Doing the math, Ethereum has increased in value by a factor of 22.3x during the two time periods. Furthermore, any investor who bought the dip back in March 2020, is now 2,130% in profits. What this means is that if you bought $100 worth of Ethereum, your bag is now worth $2,230 with a solid profit of $2,130.
Ethereum is Knocking on $2k thanks to ETH Whales Accumulating
With respect to price action, Ethereum is less than $100 dollars from the important $2k ceiling. At the time of writing, Ethereum is trading at $1,900 with ETH whales continuing to accumulate the digital asset despite the apparent ‘overbought’ situation.
According to data by the team at Santiment, the number of Ethereum whales holding 10,000 or more ETH has hit a new high of 1,278. The team at Santiment shared their bullish observation of Ethereum via the following statement and accompanying chart.
#Ethereum answered #Bitcoin‘s #AllTimeHigh today with one of its own, crossing $1,900 for the first time in its ~6 year history. The number of whale addresses (holding 10k+ $ETH) ballooned to 1,287 on #ValentinesDay, foreshadowing this achievement.
The accumulation of Ethereum is based on several fundamental bullish factors for Ethereum that are outlined below.
- The launch of CME Ethereum futures giving institutional investors access to ETH
- Grayscale continuing to scoop up ETH on a daily basis in 2021
- Over $5.9 Billion staked on the Ethereum 2.0 contract
- Increased user activity on Ethereum due to NFTs, Dapps and DeFi
- Entry into crypto by heavyweights such as Tesla and Microstrategy, who are bound to increase retail and institutional interest in digital assets including Ethereum
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.