The second largest cryptocurrency, Ethereum (ETH), continued to rally on Tuesday, extending a three-day winning streak.
Ethereum rose to intraday highs of $1,701 before settling to trade at $1,686 at press time, still up 9% in the last 24 hours.
The movement may have surprised traders who had previously wagered on falling prices following the closure of two important crypto-friendly banks last week and the USDC stablecoin depegging.
When the Federal Deposit Insurance Corporation announced that Silicon Valley Bank depositors will have complete access to their money after confirming a successful transfer of deposits to a new bridge bank, investors’ sentiment improved.
Here’s what pushed ETH higher
The transaction from Binance’s industry fund, which occurred Monday, probably increased buying pressure. Bitcoin regained the $24,500 mark, while Ether briefly touched the $1,700 mark.
A group of individuals that might have caused buying pressure for Ethereum (ETH) are whales or large holders with 1,000 to 10,000 coins.
— Ali (@ali_charts) March 14, 2023
According to Santiment data shared by crypto analyst Ali, this category of holders added around 400,000 ETH to its holdings, worth around $600 million, as the market plunged following the Silvergate buzz and, most recently, the SVB failure.
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