Cryptocurrency investors are closely monitoring the movements of Ethereum (ETH) as a prominent analyst reveals that deep-pocketed whales have amassed a significant amount of the digital asset in just four days. According to crypto strategist Ali Martinez, Ethereum whales have acquired over 280,000 ETH, totaling approximately $1 billion in value, within a 96-hour timeframe.
The current price of Ethereum stands at $3,725, reflecting a 1.5% increase over the last 24 hours. Additionally, Farside Investors, a London-based investment management firm, has reported a surge in inflows into Ethereum exchange-traded funds (ETFs), amounting to a total net inflow of $576 million since their launch as of November 29, 2024.
Shifting focus to the leading cryptocurrency by market cap, Bitcoin (BTC), Martinez predicts that if Bitcoin continues to adhere to its historical trends, it could reach a price range well above $100,000 by the end of the year. Historically, Bitcoin has experienced significant surges in December following US Presidential elections, with gains of 30% and 46% in the last two cycles. Martinez suggests that Bitcoin could potentially close the year at values between $125,000 and $140,000.
Moreover, Martinez notes that the Fear and Greed Index, which gauges investor sentiment, currently indicates an atmosphere of overexuberance in the market. Despite the extreme greed sentiment, Martinez reminds investors that during the previous Bitcoin bull run, a similar sentiment preceded a rally from $15,000 to $57,000, highlighting the potential for further price increases.
At the time of writing, Bitcoin is trading at $97,494, reflecting a 1.56% increase over the last 24 hours. As the cryptocurrency market heats up and investor sentiment remains optimistic, it is crucial for market participants to stay informed and monitor price action closely.
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Image Source: Ali Martinez/X
Remember to exercise caution and conduct thorough research before making any investment decisions in the volatile cryptocurrency market. Stay informed, stay vigilant, and navigate the crypto landscape with confidence.