Ethereum price continued its troubled rally days after it crossed the $ 200 resistance level. The price is now above $ 210 and the rally appears to be continuing.
Ethereum rallies according to Adam Cochran research
As I wrote earlier this week, the price of Ethereum is rising largely due to optimism in the cryptocurrency market as Bitcoin’s halving approaches. In fact, the price of Bitcoin rose more than 7% and passed the key resistance level of $ 8,000.
I also wrote that ETH / USD is recovering due to the upcoming upgrade to the ETH 2.0 protocol. Finally, I mentioned that the current period of low interest rates and perpetual quantitative easing played a role. As I shared a while ago, wealthy people are sitting on more than $ 4.7 trillion in cash and money market funds. I believe some of this money is going to be put into crypto.
Today Adam Cochran, the respected Ethereum expert and chief technology officer at DuckDuckGo, released a long report that could add to the rally. He researched over 10,000 ETH addresses with the aim of learning about market manipulation, profitability and liquidity.
In his study, he found that 17% of all Ethereum was held by just 10 accounts. The top 10,000 ETH addresses held around 9.17 million ETH, while the top ten held around 16.6 million ETH. For ETH, this seems bearish at first, as a small number of people have too much power. When narrowing down, however, he found that the top 10,000 addresses hold around 56.77% of ETH. On the flip side, the top 10,000 addresses hold around 57% of the BTC.
He also switched to the ETH 2.0 idea. He noted that this protocol would initially produce a return of between 12% and 17%. He also noted that ETH’s 64.53 was very active in the market unlike other cryptocurrencies. Its results could be the reason the Ethereum price roared today. You can read more about his report below.
The 10k audit.
I manually checked the top 10,000 Ethereum addresses to find out more about liquidity, profitability, market manipulation and what whales are doing with their money.
This is the first of many reports that came from this dataset.
(Blog version in last tweet) pic.twitter.com/OzdhkYEdp7
– Adam Cochran (@AdamScochran) April 29, 2020