Whales Make Ether Market Cap Rise by 9%

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The market capitalization of Ethereum has risen by almost 9% to $155.801 billion this week.

The price of the asset yesterday broke above $1,300 for the first time since the beginning of November, but the altcoin could not hold its ground and retreated. Today, it fell to about $1,200 as part of a correction.

According to Santiment analysts, this recent Ether rally is due to the activation of the largest ETH addresses. Whales and sharks have resumed buying cryptocurrency for the first time since the crash of FTX.

According to the report issued by the company, the number of wallets with balances between 100 and 100,000 coins hit a 20-month high this week.