Ethereum has successfully reclaimed the $3,600 mark, buoyed by the recent acquisition of 18,271 ETH by BitMine on November 10. This massive purchase, valued at approximately $64.59 million, was revealed by the on-chain tracking platform, Whale Insider, as the broader cryptocurrency market experiences a positive shift.
The details of the transaction indicate that the ETH was transferred from the prominent cryptocurrency exchange Kraken into a wallet frequently linked with BitMine”s previous purchases. This significant buy occurred in two separate transactions and has captured the attention of market participants, especially as Ethereum is witnessing a noteworthy increase in its trading price.
At the time of BitMine”s large acquisition, Ethereum had surged back above $3,600, reflecting a renewed strength after experiencing recent market volatility. Alongside BitMine, other corporations have also been observed making large-scale purchases within the Ethereum ecosystem, contributing to its bullish momentum.
BitMine continues to hold the title of the largest ETH treasury globally, and it appears that the company is committed to its strategy of accumulating more Ethereum. Previous reports indicated that BitMine has been consistently purchasing Ethereum, even during the recent market downturn. In the past week, BitMine”s chairman, Tom Lee, viewed the price dip as a chance to acquire Ethereum at lower prices, encouraging the crypto community to continue investing rather than retreating amid uncertainties.
The recent market rally has led to Ethereum recording an impressive 42.64% increase in trading volume over the last day, pushing its price to $3,542. Despite nearing the $3,000 threshold during its latest correction, Ethereum”s swift resurgence has allowed it to reclaim the $3,600 level, with an intraday high of $3,656 noted on November 10.
