Over the past four weeks, Ethereum market value has seen an impressive 38% increase, backed by notable growth in the ETH network.
This phenomenon marks a significant milestone, as Ethereum MicroWallet addresses, those containing less than 0.1 ETH, have surpassed 100,000 for the first time. The news comes through Santiment through its official X account.
📈 #Ethereum's market value has jumped +38% in 4 weeks, powered by high network growth. Particularly micro addresses (<0.1 $ETH), which recently surpassed over 100K wallets for the first time. Even the 0.1-10 $ETH and 10K+ $ETH tiers are finally rising. https://t.co/O8kQXJkMxG pic.twitter.com/hvKBepNnDJ
— Santiment (@santimentfeed) November 10, 2023
Substantial Increase in Ethereum Adoption, Especially Among Smaller Investors
Diversification of holdings has also been a highlight in this period. Larger wallet categories, including those holding between 0.1 and 10 ETH, as well as those exceeding 10,000 ETH, are seeing an increase in the number of addresses.
This trend suggests broad participation and growth at all levels of investment in the Ethereum network.
Regarding the distribution of ownership, it is observed that the “Whales”, or large holders, represent approximately 32.94% of the total concentration, holding around 40.83 million ETH.
In contrast, smaller investors have significant weight, with 12.48% of the market, equivalent to 15.47 million ETH. This balance between large and small investors signals a degree of decentralization in Ethereum ownership.
The latest announcement that has added excitement to the market is the news that asset management giant BlackRock plans to launch an Ethereum-based exchange-traded fund (ETF).
This development has taken the price of Ethereum above $2,000, reaching its highest level since April 2023.
This move by BlackRock follows a similar pattern to that previously recorded with Bitcoin, suggesting that the entry of major financial institutions is exerting a palpable influence on the cryptocurrency market.