Cryptocurrencies provoked Ethereum’s growth by 9%

This week, Ethereum’s market capitalization grew by almost 9%, reaching $ 154.076 billion. Santiment analysts attributed the growth of ETH $3,316.52 Bridged Ether (StarkGate) -0.34% Market capitalization $0.3 billion VOL. 24 hours $1.36 billion to the activation of cryptocurrency whales, who resumed investing in the token for the first time since the FTX bankruptcy.

Santiment’s report said that the number of wallets with a balance of 100 to 100,000 ETH this week reached a 20-month high. It is the whales that periodically provoke rebounds and falls in digital assets. User activity on the Ethereum network has also increased, with the number of addresses sending and receiving funds daily reaching 500,000 for the first time since October 15.

Over the weekend, the developer of the blockchain and ERC-721A token standard under the pseudonym Cygaar published a joke post on Twitter, allegedly claiming that wETH, an ERC-20 token based on Ethereum, would soon become insolvent. The cryptocurrency industry then reacted negatively to the wETH insolvency joke and entered the «red zone.» The anxiety surrounding wETH demonstrated that the market has become particularly susceptible to any negative news in the wake of the FTX collapse.