Grayscale Ethereum Trust purchases more Ether crypto coins, as Ethereum (ETH) rallies to reach record levels above $1550.
Ethereum’s price rally is still happening as the $1800 level nears. For it to reach a record high, Ether has jumped by around 12% in the previous day. It’s now in the price discovery area as the 2nd-biggest marketplace capitalization crypto carries on its rise.
Grayscale has added about $37.8 million worth of Ethereum coins (ETH), which was 24,796 coins. The purchase was performed in the past 12 hours, and the Grayscale Ethereum Trust currently has 2,96 million Ethers with its newest addition. Grayscale’s overall ETH AUM is now at $4.5 billion.
New ETH addresses rising
With the new price increase in Ethereum, the amount of new ETH addresses carried on rising. Inflows from retail investors have been growing even with Ethereum’s climbing transaction charges, signaling a bullish feeling in the cryptocurrency business. On-chain data provider Santiment let it be known that Ethereum has made another record of around $1,540 and was more than 15 percent on the rise over the past day. To support this, Santiment indicates that new Ethereum addresses continued to come out at higher numbers over time, usually a bull alert for cryptocurrencies.
Marketplace sentiment in the cryptocurrency sector has been positive in recent times, as lots of cryptos have continued their climb. At present, BTC grew by 7 percent in the past day, trading at $36,489.83. Together with the price rally, Polkadot, Cardano, and Litecoin all rose up, with both Polkadot and Cardano experiencing a jump of around 6 percent and Litecoin climbing by 12.80% on CoinMarketCap.
Is Ethereum decoupling from Bitcoin?
Though virtual coins usually follow Bitcoin’s marketplace movements, Santiment said that Ethereum might possibly be decoupling from Bitcoin.
Experienced investor Raoul Pal already said that Ethereum’s marketplace cap could surge over BTC’s in the longer term, as it is climbing quicker than that of the digital gold.
Pal thinks that Bitcoin will also gain a lot in upcoming times, even suggesting that the price could climb to one million by 2025, and in his view, Ethereum could overtake BTC in terms of marketplace cap.
This view stems from the fact that Ethereum has so many roles in the worldwide blockchain system, being an integral part of the supply chain management and a part of the tokenization of assets from properties to intellectual real estate rights. At the moment, Ethereum is handling the ETH 2.0 release, where its total transfer to Proof of Stake will occur when the distributed ledger is finalized.