Investors on rampage as Ethereum posts 10.3% gain

The crypto bulls are flooding the second most valuable crypto market by market value. At the time this report was drafted, Ether price traded at $369.15, with a daily trading volume of $13.9 billion. It was the largest one-day percentage surge since August 1.

ETH price is up 10.3% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

READ: Six largest tech stocks by market value lose more than $1 trillion in 3 days

Why ETH price is gaining in value

Nairametrics had recently observed the high movement by these large entities purchasing almost half of all the Ethereum mined so far in 2020.

In addition, top Ethereum non-exchange whales increased their holdings by 84% this past month.

There has been clear evidence that major investors are now looking at the future potential of ETH as an investment, despite the recent sell-offs recorded last week at the second most capitalized crypto market.

READ: Crypto: Celo gains over 50% within a day, as Coinbase announces its listing

Also, the recent boom in Defi tokens has triggered an unusually high volume of transactions on the Ethereum network, often leading to congestion and a surge in transaction fees charged by ETH miners.

Quick fact: Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

READ: Bitcoin – The Future of Digital Currencies

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.