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$17 Billion on Move With Ethereum Activity Soars 300%

Ethereum (ETH), the second largest cryptocurrency by market capitalization, recently saw a significant surge in activity, fueled by a remarkable increase in large transactions.

According to Ali, a crypto analyst, Ethereum’s weekly transaction volume skyrocketed by over 300%, with an impressive daily large transaction volume of $17.15 billion recorded on Dec. 7.

Ali noted that “Large Ethereum transactions are surging. The weekly transaction volume has skyrocketed by over 300%, hitting $17.15 billion.”

he surge in Ethereum’s large transaction volume highlights the increased activity of “whales” — large holders of the cryptocurrency. These large transactions, often exceeding $100,000, highlight a significant increase in whale activity, whether buying or selling.

The increase in whale activity correlates with the recent rise in Bitcoin and Ethereum prices. Bitcoin’s price broke through the long-awaited $100,000 barrier for the first time, reaching all-time highs of $104,000 during Thursday’s trading session.

thereum also crossed $4,000 for the first time in months, having previously done so in March of this year.

This increase in large transactions is sometimes interpreted as a bullish indicator, indicating strong demand and optimistic market sentiment.

On Dec. 6, the group of nine Ethereum ETFs saw a net flow of 108,045 ETH worth $433.15 million. On Thursday, Ethereum exchange-traded funds listed in the United States had a record inflow of $428 million.

Ethereum price action

Ethereum crossed $4,000 for the first time during the current market bull run on Friday, reaching a high of $4,096. Since then, the bulls have constantly attempted to break through the $4,000 barrier, but the bears have resisted.

At the time of writing, ETH was trading below $4,000, down 0.35% in the previous 24 hours to $3,996, and up 7.81% weekly. On the downside, $3,680 and $3,523 are crucial support levels to keep an eye on. Given that Ethereum steadily gained support on the way up, traders may see dips as a buying opportunity. That raises the prospect of a rally above $4,094. Ethereum might potentially reach $4,500. This positive outlook might be dashed in the short term if Ethereum falls and breaks below $3,523.

How To Buy Ethereum

It’s a common misconception among people new to the Ethereum network. You don’t buy Ethereum itself—that’s the network. Instead, you buy Ether and then use it on the Ethereum network. Given Ethereum’s popularity, it’s very easy to buy Ether:

  • Pick a cryptocurrency exchange. Crypto exchanges and trading platforms are used to buy and sell different cryptocurrencies. CoinbaseBinance.US and Kraken are a few of the larger exchanges. If you are just interested in purchasing the most common coins like Ether and Bitcoin, you could also use an online brokerage like Robinhood or SoFi. Be prepared to pay some amount of trading or processing fees almost universally.
  • Deposit fiat money. You can deposit cash, like dollars, in your trading platform or link your bank account or debit card to fund purchases of Ether.
  • Buy Ether. Once you’ve funded your account, you can use the money to purchase Ether at the current Ethereum price along with other assets. Once the coins are in your account, you could hold them, sell them or trade them for other cryptocurrencies in the future. Keep in mind you may incur taxes whenever you sell or trade cryptocurrencies.
  • Use a wallet. While you could store the Ether in your trading platform’s default digital wallet, this can be a security risk. If someone hacks the exchange, they could easily steal your coins. Another option is to transfer coins you aren’t planning on selling or trading soon into another digital wallet or a cold wallet that’s not connected to the internet for safety.

Disclaimer ||

The Information provided on this website article does not constitute investment advice,financial advice,trading advice,or any other sort of advice and you should not treat any of the website’s content as such.

Always do your own research! DYOR NFA

Coin Data Cap does not recommend that any cryptocurrency should be bought, sold or held by you, Do Conduct your own due diligence and consult your financial adviser befo

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