Ethereum, Ethereum Classic Leads Altcoin Rally Today

For the first time in weeks, the crypto market turned the tables and welcomed bulls. With most coins trading in green with significant gains, the global crypto market cap rose nearly 5% on Wednesday to trade at $978 billion at press time. As a result, bearish traders were rectified and total short liquidations surged to a 15-month high of around $700 million.

Ethereum and its fork Ethereum Classic — along with Toncoin, Lido, and Cardano — were the top gainers of the day. The Ethereum siblings had both rallied more than 10% each and were at multi-week highs on Wednesday.

Also Read: Germany’s $9Bn N26 Bank Launches Bitcoin, Ethereum Trading

Dive further into the history of Ethereum & Ethereum Classic

Net flows on exchanges didn’t show a drastic change for ETH. Yesterday, flows were negative, reflecting a value of 48.1k ETH. The same trend continued on Wednesday and at press time the numbers had already passed 24.95k.

As shown below, since mid-September, the chart of net flows is mainly characterized by red bars, suggesting that the accumulation trend has been ongoing for quite some time. After being sluggish for so many days, the price has finally started to retaliate and react to the outflows/buying.

Source: CryptoQuant

In the midst of all this, it is interesting to note that an ETH whale wallet that hasn’t been active for more than six years has moved 15,000 ETH worth $22.2 million to an empty wallet. The movement of tokens from one wallet to another does not technically affect prices, but Santiment emphasized that

ETH price is +8.1% since this transaction and briefly jumped above $1,500 for the first time since the merger 6 weeks ago.

Source: mood

Ethereum Classic shares a high correlation with Bitcoin and Ethereum, and historically the biggest alt has rallied whenever it has pulled along. This time was no different.

Aside from the price hype, it’s worth noting that over the past day, Ethereum Classic processed $21.7 million worth of transactions on its blockchain and earned a modest $253 via a fee. Active addresses during the same period were north of 27,000 on Ethereum’s forked network.

Source: Messari

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