Over 750 billion U.S. dollars poured into the encryption market in 21 days, and ETH deflation pushed up to a record high

守夜人

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2021-10-22 11:27 (UTC+8)

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Crypto analyst crypto_birb predicts that ETH will reach $20,000 in 3 months.

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Crypto analyst crypto_birb predicts that ETH will reach $20,000 in 3 months.

From $1.914 trillion on October 1, 2021 to $2.669 trillion on October 21, the cryptocurrency market has witnessed an inflow of over $750 billion in just 21 days. At the same time, the contract holdings of the entire cryptocurrency ecosystem also hit a record high, exceeding 52 billion US dollars, an increase of more than 80% since the end of September.

On October 20, the price of Bitcoin approached $66,998, a record high. We believe that driven by Bitcoin ETF transactions, the market outlook will continue to be strong, and other mainstream currencies may break through the previous highs in the next few months.

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In the past six months, the weight of the total amount of ETH held by Ethereum giant whales has changed

Looking back at the ETH price breakthrough, Ethereum whales continued to increase their holdings of ETH, and the holdings of holders holding 1 to 10 million ETH increased by nearly 14%. The Purpose Ether ETF (Purpose Ether ETF is the world’s first physically-settled Ethereum ETF) increased ETH holdings by 18% to 76,000 ETH.The massive increase in the holdings of giant whales triggered a rebound in Ethereum, which pushed the price of ETH to a new all-time high.

Cryptocurrency data analytics platform Bybt reported that ETH contract holdings soared to $11.82 billion.

In addition to the aforementioned reasons, the "triple halving" proposed by Nikhil Shamapant is also considered to be the catalyst that triggered a sharp breakthrough in the price of ETH. Following the London hard fork and the release of EIP1559, Ethereum is one step closer to migrating from proof-of-work (PoW) to proof-of-stake (PoS) in early 2022.

This has also given people in the circle a lot of guesses and predictions. The cryptocurrency analyst @crypto_birb, who predicted that Bitcoin would hit a record high four months ago, set a target of $20,000 for the ETH price within 3 months.

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