Recently, a major event took place in the exciting world of Ethereum. About 110,000 ETH, equivalent to a whopping $181 million, was removed from cryptocurrency exchanges in one day. This is the largest single-day move we’ve seen since August, and it has resulted in a new record: a total of 115.88 million ETH are now held off-exchanges.
Bright months ahead!
This Ethereum move comes just in time for a historically good period for the crypto market in December and January. An analyst named Altcoin Sherpa has noted that these two months are typically strong for both Bitcoin and Ethereum.
Even during difficult times in the market, Bitcoin and Ethereum have managed to increase in value in December and January in recent years. Something interesting to note is that the ETH/BTC ratio tends to rise during this period, which means people are more interested in altcoins.
The data we have suggests that people are bullish on Ethereum and preparing for the usual price increases at the end of the year.
Also read: K33 Research points to Ethereum and advises investors to switch to Bitcoin
Bullish sentiments for Ethereum?
But this time there is a twist. The overall situation in the crypto world is quite different from previous years. There are ongoing problems in the broader cryptocurrency industry, making people cautious about saying for sure that things will change.
However, looking at the data on how much Ethereum is being held on exchanges, it seems that people are becoming more confident. This could set the stage for Ethereum to outperform Bitcoin this holiday season.
Good times are coming!
If the usual good vibes around this time of year come into play, Ethereum’s recovery could get a real boost. But we must also remember that the success of this rally depends on how long the problems in the broader economy last.
Currently, Ethereum is trading at around $1,620. In the last 24 hours, its value has fallen by 1.2%. Ethereum briefly reached $1,750, while Bitcoin passed $28,000, but couldn’t keep up and has since fallen in value.
Read more: Ethereum Price Analysis: ETH Price Set to Rally to $2,000?