Ethereum Gains Five Percent As Large Investors Accumulate Arabian Post
Ether, the native cryptocurrency of the Ethereum blockchain, traded around $2,480 on October 16, registering a gain of approximately 4.6% over 24 hours, according to CoinGecko data. Trading volume reached about $14.48 billion, while its market capitalisation approached $302 billion.
The advance followed significant accumulation by investors controlling large cryptocurrency wallets, commonly called whales. Blockchain transaction records indicated purchases during the downturn, with some investors converting Bitcoin holdings into Ether as prices approached levels they considered attractive.
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