Ethereum, being the second largest cryptocurrency, has gained prominence in the crypto market. Notably, there are several individuals with substantial amounts of ETH, commonly referred to as whales. Recently, a whale address identified as “0x882E” withdrew more than 7,000 ETH from Binance, one of the largest exchanges, according to Lookonchain, a crypto intelligence platform.
Based on information provided by CoinMarketCap, the value of the withdrawn Ethereum presently amounts to $13.8 million. At the time of reporting, ETH is being traded at $1,990, exhibiting a 5.47% increase in value within the past 24 hours.
Lookonchain’s data indicates that the whale has been actively involved in ETH transactions. In fact, the whale has withdrawn an astonishing 57,100 ETH, equivalent to over $108 million.
Following the withdrawals, the investor decided to stake a significant portion of their assets, specifically locking in 36,640 ETH, which is currently valued at an impressive $69 million. As a result, the price of ETH has experienced a surge from a low of $1,864 to a high of $1,969.
Ethereum Network Outshines Bitcoin in Daily Transactions
The crypto landscape is constantly evolving, with new assets emerging. Despite this, Bitcoin (BTC) has maintained its position as the top cryptocurrency in terms of value. While Bitcoin remains unchallenged, the network activity of other assets has been gaining momentum and displaying strength.
Although Ethereum (ETH) has a lower price and market capitalization compared to Bitcoin, its network is notably more active. This can be observed through the surge in daily transactions on the Ethereum network. According to IntoTheBlock’s data, Ethereum recorded around 944.5K daily transactions over a 30-day period, while Bitcoin processed a significantly lower number at only 507.5K.
Moreover, Ethereum is not the only network surpassing Bitcoin in transaction volume. The Algorand network recorded an impressive 540.9K daily transactions, once again surpassing Bitcoin’s transaction count. This is surprising considering the recent decline in ALGO’s price, which has decreased by more than 10.54% over the past seven days.
The provided image highlights substantial transaction activity in Avalanche (AVAX) and Litecoin (LTC). The Avalanche network successfully handled a cumulative total of 384.4K transactions, while Litecoin stood out due to the excitement surrounding its upcoming halving event, with approximately 129.3K transactions recorded. The disparity between Bitcoin, Ethereum, Algorand, and these networks is significant.