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Strong hands look to have been backing the recent rally to record highs for Ethereum’s ether cryptocurrency.
The number of whale addresses (those holding at least 10,000 ETH (+6.71%)) jumped to a 13-month high of 1,103 on Saturday, according to on-chain data from blockchain analytics firm Glassnode. More than 35 whale addresses have been created this month alone, and 75 since mid-November.
The increased accumulation by investors with deep pockets may have put upward pressure on the ether’s price.
Data also shows ether is leaving centralized exchanges, possibly creating a supply shortage and facilitating a stronger bullish move, according to one analyst.
The number of coins held on exchanges fell to 15,469,582 over the weekend, the lowest level since October 2019. The exchange balance has declined by more than 1 million in the past four days alone.
Stronger gains ahead?
“The ETH slingshot is only now being drawn back, and we can expect a powerful upward move in the first half of 2021,” Jehan Chu, managing partner at Hong Kong-based crypto investment firm Kenetic Capital said, adding that increased staking and the growth in decentralized finance (DeFi) is ratcheting up organic demand for the cryptocurrency.
New York-based Ethereum hub ConsenSys has partnered with the Blockchain-based Service Network (BSN) to bring its enterprise ledger Quorum to the China’s nationwide blockchain project.
As part of the partnership, announced Monday, ConsenSys Quorum, an open-source protocol layer that serves as a foundation for businesses to build Ethereum-based applications, will be available in about 80 different cities through BSN’s public city nodes throughout mainland China.
“China is a great example of where enterprise blockchain is a strong play,” said Charles d’Haussy, director of strategic initiatives and ConsenSys’ man in Hong Kong. “What Ethereum is doing with Consensys Quorum is connecting people who are essentially migrating from the permission chain to the global chain.”
Google searches for Bitcoin have surged in Argentina in the past weeks.
They are now twice as high as they were during 2017's famous bull run.
The country is burdened by inflation, economic debt, and a falling currency, causing many people to consider Bitcoin as an alternative asset.
Google searches for “Bitcoin” in Argentina have surged skyward in the past few months, data from the search engine giant shows. It follows Bitcoin’s price rise from under $4,000 to over $41,000 in the past year but outperforms searches in other countries.