Ethereum, the world’s second-largest crypto asset, became the latest digital asset to join the $500 billion market cap club. After the recent rally in Bitcoin, Ethereum has seen a substantial jump in its retail demand during the last 24 hours.
According to the latest data posted by Coinmarketcap, Ethereum’s market cap crossed $500 billion on Wednesday for the first time in its history. ETH is now up by more than 10% in the last 24 hours.
In addition to the latest jump in ETH’s price, its demand among large crypto holders has increased significantly in the last few weeks. The data from Santiment, a prominent on-chain analysis platform, shows that the top ETH addresses have increased their Ethereum holdings by nearly 14% in the last 10 weeks.
“Ethereum’s top addresses have accumulated ETH steadily since early August, and it’s no surprise to see the number 2 asset approaching an All-Time High of its own. In the past 10 weeks, addresses with 1M to 10M ETH have accumulated 13.9% more to their bags,” Santiment highlighted in a recent Tweet.
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Ethereum remained one of the best-performing cryptocurrencies and is among the top 5 in 2021. The price of ETH jumped from nearly $730 on 1 January to an all-time high of $4,297 on 12 May. ETH has seen a jump of nearly 60% in the last 30 days.
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