Ethereum accumulation increases as ETH remains in the $1,700 zone after a recent rise
Popular data aggregator Glassnode reported that the second-largest cryptocurrency Ethereum has faced an influx of new small and medium-sized investors after the coin saw a price surge of more than 30% over the past few months. last days.
New ATHs related to ETH wallets
In recently published tweets, Glassnode analytics agency stated that the amount of Ethereum wallets that hold 1+ and 10+ Ethers has jumped to new historic peaks. The former has reached 1,566,309 wallets and the latter has increased to a 310,656 peak.
Other than that, the total number of non-zero wallets containing Ethereum surged to a new historical value of 84,641,107.
Ethereum surges 30.8% following Bitcoin rise
A Trading View chart shows that during the period between July 26 (Tuesday) and July 26 the price of Ethereum spiked by nearly 31 percent, rising from $,1364 to $1,784 per coin.
This price surge was likely caused by Bitcoin’s sudden reaction to the recent interest rate hike by the Fed Reserve. The flagship cryptocurrency responded with growth of 3.07% after the rate was hiked 75 basis points by the US central bank.
When a rate hike was conducted in May, though, the crypto recession started which made Bitcoin shed roughly 40 percent of its value.
As of this writing, the second largest coin by market cap is changing hands at $1,720. In May, before the rate hike, its price was holding in the $2,900 zone. On June 18, Ethereum even managed to briefly dip below the $1,000 level.
