The number of Ethereum whales is on the rise
The valuation of Ethereum has seen minimal fluctuations recently, yet, substantial traders have displayed a growing interest in the ETH cryptocurrency.
An uptick in the count of Ethereum wallets harboring hefty sums of ETH has been observed.
Data from Santiment indicates a notable surge exceeding 3% in the count of Ethereum accounts possessing upwards of 10,000 ETH within the last month.
These heavy-hitters possess a considerable amount of ETH, and their procurement actions can heavily sway market sentiment. A continued accumulation on their part could heighten the demand for ETH, possibly leading to an uptick in its value.
This scenario may invite more investment, fostering a virtuous cycle that could further elevate the price.
However, while such significant traders can aid in the asset's value appreciation, their moves might also inject volatility into the market.
A concerted effort to offload a large chunk of their ETH holdings could prompt an abrupt decline in price, instilling fear among smaller investors.
Beyond the interest from significant traders, updates to the Ethereum infrastructure could have a profound effect on its valuation. A recent assembly of Ethereum developers brought several network enhancements to light.
This gathering deliberated on upcoming refinements to the Ethereum blockchain, with discussions revolving around three key developments: Electra, PeerDAS, and enhancements pertaining to SSZ.
Electra represents a sequence of updates targeting the Ethereum consensus layer, which ensures the synchronization of validators across the network. The latest developments include finalizing the code for the upcoming version of Electra and plans for its subsequent testing phases.
PeerDAS is aimed at revamping the communication protocol within the Ethereum network. This amendment is expected to enable nodes to handle and validate a larger volume of user data efficiently.
Separate trial runs for PeerDAS are in the pipeline to confirm its robustness prior to its mainnet integration.
Additionally, the discussion touched on SSZ, which is a framework for data encoding. Enhancements in this area are under development, with considerations for their inclusion in a significant forthcoming update.
As of the current moment, ETH is being traded at $3,524.08, witnessing a downward adjustment of 1.08% over the past day.
Notwithstanding the slight decrease in its valuation, the trading volume for ETH has experienced a 30% boost.
