Tether whales move over 300,000,000 USDT in a single day

Ethereum (ETH), the world’s second most valuable cryptocurrency, has more than tripled in value over the last four months. This indicates that Investors are increasingly raising their stakes in the fast-growing crypto-asset.

As at 5.00 am GMT, Ethereum was trading around $405, a 361.6% gain since March 12th, 2020, when it traded at $112. Its market capitalization presently stands at $45.3 billion.

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Ethereum is the second most valuable cryptocurrency, as it now has a market capitalization of $43.23 billion.

What could be the reason for Ethereum’s rise?

Kelvin Koh, the co-founder of a venture capital Spartan Black, gave an insight on what could be responsible for such surge in the ETH market. He said:

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“The strong move in Ethereum has to do with the upcoming ETH 2.0 launch which is a major catalyst. Every phase of ETH 2.0 over the next 2-3 years brings ETH closer to its final state and will be catalysts for Ethereum.”

What you should know about Ethereum: ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for ETH to go offline.

Meanwhile, ETH miners are having a field day, recording the highest revenue levels (in USD) since Q3 2018. The % of the revenue that currently comes from fees is in a league of its own. The average is between April 2018 to April 2019 and was 3%.

In July, 22.2% of Ethereum miner revenue came from transaction fees. This is the highest monthly value in ETH history and is a continuation of the sharp upwards trend in the past three months.

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