The Ethereum market has witnessed a remarkable surge in individual investors over the past two months, adding 3.3 million new addresses—a 2.77% increase, bringing the total to an impressive 125.18 million.
This uptick in retail investors could well be the foundation for a retail-driven bull rally.
Such an increase in demand often signals the potential for rising prices, especially for Ethereum, a prominent asset in the altcoin market. With new investors coming on board, the limited supply could lead to substantial price appreciation.
The Importance of Ethereum in an Altcoin Rally
Ethereum’s recent performance has lagged behind Bitcoin, with the latter gaining 33% over the last six months compared to Ethereum’s 10% rise. However, Ethereum has started to close the gap; in the past week alone, Bitcoin has risen 19%, while Ethereum investors have seen returns of 29%.
Ethereum Retail Yatırımcı Sayısında 3,3 Milyonluk Artış: Altcoin Boğasına Giden Yol mu?
Son 60 gün içinde Ethereum bireysel yatırımcı sayısında kayda değer bir artış yaşandığını görüyoruz.
1⃣Retail Boğa Rallisinin Katalizörü mü?
Bu soruya kısaca cevap vermek gerekirse: Evet.… pic.twitter.com/3glJblZwaY
— Burak Kesmeci (@burak_kesmeci) November 11, 2024
Ethereum’s Move, Altcoins Rally
This upward momentum in Ethereum is reflected across the broader altcoin market. As Ethereum strengthens, the increased market activity and volatility could serve as a catalyst for an altcoin bull run. At this stage, keeping a close eye on on-chain data can provide valuable insights into emerging trends.
In another development, the Ethereum Foundation recently sold 100 ETH for $334,315.7 DAI, marking its first sale since releasing its 2024 financial report on November 8. The Foundation, with crypto reserves of $788.7 million (99.45% in ETH), has been consistently selling ETH throughout 2024 to support key projects, totaling 4,266 ETH sold at an average price of $2,773.
The Ethereum Foundation sold 100 $ETH for 334,315.7 $DAI again ~25 minutes ago.
This is the first $ETH sale since @Ethereum Foundation released its 2024 report on Nov 8, showing asset reserves at $970.2M as of Oct 31, with $788.7M in crypto (99.45% in $ETH).
The Ethereum… https://t.co/IzASQ55sRp pic.twitter.com/f7kNyQy3g7
— Spot On Chain (@spotonchain) November 12, 2024
Meanwhile, US Ethereum ETFs experienced a record-breaking day, with $295.1 million in net inflows. Fidelity’s Ethereum ETF (FETH) led the charge, contributing $115.5 million—its largest inflow to date.
🔥🔥 Record-breaking day for 🇺🇸 crypto ETFs!
The US Ethereum ETFs recorded their largest net inflow ever at $295.1M, led by #Fidelity (FETH) with $115.5M—its biggest inflow since launch.
Meanwhile, the US Bitcoin ETFs weren’t left behind, seeing a massive $1.094B inflow, the… pic.twitter.com/YJ0iI7UgUy
— Spot On Chain (@spotonchain) November 12, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/ethereum-gains-3-3-million-new-retail-investors-could-this-spark-an-altcoin-bull-market/