Ether, like most major cryptocurrencies, has been in an uptrend since July, but it still has not had an explosive rally yet although the cryptocurrency is still up more than 600% in 2021.
The Ethereum ecosystem is still evolving fundamentally, as network transaction volume recently reached an all-time high, indicating increased use cases.
The Ethereum blockchain has become the hub for the decentralised finance (DeFi) and non-fungible token (NFT) industries.
Solana, Avalanche, and LUNA, all Ethereum competitors in the space, have seen massive increases in recent months. Ethereum (ETH) hasn’t been as involved in the altcoin bull run, but the smart contract network is starting to ramp up after rising nearly 45 percent in October.
The top ten non-exchange whale addresses continue to grow in size, whilst the top ten exchange whale addresses’ holdings are decreasing.
According to on-chain stats publisher Santiment, there is a record 5.16x the amount of $ETH on top 10 non-exchange vs exchange whale addresses presently, which is a good sign.
Despite the cryptocurrency having yet to experience a bull run, Whales have increased their holdings, reflecting the network’s bullish outlook. As long as the bull cycle continues, the price of Ether is expected to surge soon.