Here’s What’s Driving Ethereum’s Surge Past $3,000

Ethereum (ETH) recently surpassed the $3,000 mark, right after Bitcoin reached a new all-time high (ATH).

Now trading around $3,100, Ethereum’s recent upward momentum reflects the kind of growth that has sustained its position as the second-leading cryptocurrency for nearly a decade, according to on-chain analytics provider Santiment.

📈 Ethereum, currently sitting at $3.12K, is finally showing the growth that helped it climb to the #2 ranked market cap asset in crypto, largely staying in this position throughout the past 8 years.

Whale transaction data indicates a major spike in key stakeholder activity.… pic.twitter.com/CWPpeMPWla

— Santiment (@santimentfeed) November 10, 2024

Santiment highlighted Ethereum’s current upswing, pointing out that ETH has breached $3,100 for the first time in weeks, driven by significant whale interest and an impressive rise in daily transaction volume, which has surpassed the $10 billion mark.

Large transactions, specifically 8,482 high-value trades, are at levels not seen since early August, marking a sharp increase in whale activity and transaction volume, key factors supporting Ethereum’s recent price spike.

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Several elements are contributing to Ethereum’s rally. First, on-chain data indicates a considerable increase in transactions by whale addresses, which are helping drive Ethereum’s highest price point in over three months. Secondly, the sharp rise in transaction volume – exceeding $10 billion recently – suggests heightened network activity.

Lastly, the ongoing cryptocurrency market surge, led by Bitcoin, is positively impacting Ethereum. With Bitcoin reaching new heights, some investors are shifting profits into Ethereum, reinforcing its bullish trajectory. If this pattern persists, ETH could potentially approach its previous all-time highs, bolstered by robust network health.

Alexander Zdravkov