A recent tweet by on-chain data agency Santiment has revealed an important driver that pushed the second largest crypto, Ethereum, up, helping it to regain the $1,800 price mark.
Report reveals what pushed Ethereum above $1,800
A recent X post by Santiment revealed that the major driver, moving ETH over $1,800 was the day when the biggest number of new wallets emerged since early October.
The analytics team of the company reckons that should the Ethereum network keep growing long-term with the ETH supply on exchanges declining further, “ETH has justification to cross $2,000 once again”. Currently, the supply of Ethereum remains at the lowest level since ETH Genesis.
📈 #Ethereum’s rise above $1,800 has been aided by its largest day of new addresses created since October 7th. If the long-term trend of network growth continues, and exchange supplies continue to drop, $ETH has justification to cross $2,000 once again. https://t.co/SWAC3BVzz8 pic.twitter.com/xRjYUfpkyO
— Santiment (@santimentfeed) November 1, 2023
Vitalik Buterin deposits ETH to Coinbase
As reported by U.Today earlier, Ethereum co-founder Vitalik Buterin transferred a small amount of ETH to the largest US-based crypto exchange Coinbase – 100 ETH worth $181,000. When Vitalik transferred them at $1,810 per coin.
In September this year, he also moved 400 ETH to the same crypto trading venue. In August, Buterin deposited 600 ETH to Coinbase also – that amount of ETH was worth approximately $1 million back then.
In October, Buterin moved 1,000 ETH to Bitstamp, selling it for $1.67 million. Overall, over the past two months, the Ethereum frontman moved roughly 4,400 ETH to Bitstamp, selling it for approximately $7.23 million in fiat.
At the time of this writing, ETH is changing hands at $1,798, according to the data provided by CoinMarketCap.
