A significant amount of Ethereum is being held by entities not actively spending or moving their funds.
According to the latest CryptoQuant data, the total number of Ethereum (ETH) in accumulation addresses surpassed 19 million.
As of Oct. 18, the total amount of Ethereum in accumulation addresses almost doubled in comparison to January 2024.
During the first month of 2024, this metric stood at 11.5 million. At least one analyst believes that this number will surpass 20 million by the end of the year.
Why? Ethereum ETF approval
“In early 2024, Ethereum Spot ETFs were officially approved, marking a new era. Regulations boosted confidence, making Ethereum mainstream,” the analyst stated.
The CryptoQuant analyst highlighted that since the Securities and Exchange Commission approved spot Ethereum exchange-traded funds (ETFs), Ethereum expanded to institutions and individuals alike.
As per the analysis, it’s also expected that by the end of 2024, when the address holdings hit 20 million ETH, the value of the accumulation addresses will be as big as that of the world’s largest companies.
The analyst also expects the total value of these holdings to hit $80 billion, with Ethereum priced at around $4,000.
71% of Ethereum holders in profit
According to the latest data from IntoTheBlock, 71% of the Ethereum holders are currently in profit.
The data also shows that 29% of the holders are in loss, with roughly 1% in neutral.
A closer look at the ETH holders composition shows that over 74% of the holders have held their coins for over a year.
About 23% of the holders have held their ETH for the duration of 1 to 12 months. Only 3% of the holders have held it for less than 1 month.
The Ethereum price has surged by over 2% in the last 24 hours. It’s also up by over 10% in the last seven days and reclaimed the $2,700 level at press time.
With Bitcoin up above $68,000, meme coins like Woman Yelling At Cat, Settled EthXY Token and Phili Inu spiked double digits.
According to CoinMarketCap, the global crypto market has slowly recovered from last week’s slump. The crypto market cap has jumped to $2.34 trillion from last weekend’s $2.17 trillion.
Bitcoin (BTC) is hovering above $68,000, and Ethereum (ETH) is trading around the $2,600 level. But in the last few hours, the market seems to be cooling down, with signs of a potential reversal.
Despite this uncertainty, these three meme coins are up by double digits.
Woman Yelling At Cat pumps 80%
The latest data from CoinGecko shows an interesting price trajectory for a Taylor Armstrong-inspired meme coin.
Woman Yelling At Cat (WYAC), which gets its name from a meme that spoofs an episode of “The Real Housewives of Beverly Hills,” surged from a 24-hour low of $0.02504 to a high of $0.05288.
The exact reason for the price surge is unclear. And yet, WYAC’s popularity is growing on social media, including X.
See the chart below.
1 month price chart from CoinGecko
However, the surge seems to have cooled down now. The WYAC coin now has a market cap of $45.5 million. Interestingly, the meme coin touched an all-time high on Oct. 17.
This recent surge has earned the meme coin its position as the largest gainer on CoinGecko’s list. On-chain data portal Alphanomics also shared that WYAC is one of the top five biggest price gainers in the last 30 days, with a 6200% surge.
Top 5 memecoins with the biggest price gains in the past 30d? All on Solana—except for two:
SEXY first launched in August 2023 on the Ethereum blockchain.
Third on the gainers list is PHIL with a 54% pump. The meme coin — featured on the 46th edition of the SHIB Magazine — is also up by over 130% in the last 30 days, with its price now hovering around the $0.04 level.
The rise in these not-so-popular meme coins comes as Popcat’s (POPCAT) relaxed price movement. The cat-themed Solana (SOL) meme coin is down by over 3% in the last 24 hours and 15% in the last seven days.
However, POPCAT has shown similar pullbacks following major pumps in the past. But the current trajectory of the meme coin remains unclear.
The Ethereum (ETH) network has dethroned the Bitcoin (BTC) network in terms of volume.
NFT buyers almost doubled from last week’s 263,804 to 494,666.
The number of NFT sellers also witnessed a 108% surge and stands at 252,401.
Ethereum vs. Bitcoin
Bitcoin, which has been maintaining its top position, has been dethroned by Ethereum in terms of sales volume in the last seven days.
Source: Blockchains by NFT Sales Volume (CryptoSlam)
Ethereum NFT sales volume has surged from last week’s $26.6 million. The sales have seen an uptick by over 30% and stand at $33.4 million at press time.
Bitcoin has also exhibited a 36% surge, with the weekly sales volume standing at $21.6 million.
However, when it comes to Ethereum, $5.3 million of the volume accounted for wash trading. This is considerably higher compared to Bitcoin’s wash trading of $902,000.
Cryptoslam data shows that Solana (SOL) has stood robust in its third position, just like last week. Solana’s weekly NFT sales volume stood at $16.6 million.
Mythos Chain (MYTH) and Polygon (POL) earned the next two positions in the leaderboard with $5.5 million and $3.9 million in sales, respectively.
Concerning the number of NFT buyers, Solana has maintained its dominance at 192,543. This is a considerable 220% surge from last week’s 60,115.
DMarket maintains its first position for over three weeks
NFT Collection Rankings by Sales Volume (CryptoSlam)
Just like the last two weeks, DMarket maintains its ranking with the highest sales — $5.2 million. However, the sales are down by almost 30% from last week’s $8.02 million.
Uncategorized Ordinals is second on the list with $4.86 million in sales. This NFT collection has seen an 1,800% surge in sales in the last seven days.
According to Cryptoslam, these are the top NFT sales from the last seven days:
Ordinal Maxi Biz (OMB) #882b65…a96ei0 sold for $109,079 (1.5942 BTC).
Ordinal Maxi Biz (OMB) #32b13f…6c26i0 sold for $91,085.87 (1.3371 BTC).
Ordinal Maxi Biz (OMB) #591165…c718i0 sold for $87,895.17 (1.2857 BTC).
CryptoPunks #6409 sold for $79,237.16 (29.99 ETH).
CryptoPunks #8135 sold for $78,503.09 (29.75 ETH).
The Hoppy token continued its strong rally, reaching a record high of $0.0002890 on Friday, Oct. 18.
Hoppy (HOPPY), a meme coin on the Ethereum (ETH) network, has risen by over 18,000% from its lowest point in June. This rally has made it one of the best-performing cryptocurrencies, with its market cap soaring to over $109 million.
Hoppy’s surge is being fueled by a growing number of holders. Data from CoinCarp shows that it now has over 3,600 users, with the top ten holders accounting for 42% of the total. Its daily volume hit a record high of $14.7 million this week.
The number of holders could likely increase if the token were listed on tier-1 exchanges like Binance, Coinbase, and OKX. Additional data from CoinGecko shows that most of its trading was happening in Uniswap (UNI), the biggest player in the decentralized exchange industry. The top CEX exchanges that have listed Hoppy are MEXC, Bitmart, and BingX.
Hoppy’s rally coincides with gains in other Solana and Ethereum-based meme coins. Data from CoinMarketCap shows that tokens like Cat in a dogs world, Book of Meme, Mog Coin, Brett, and Dogecoin were some of the best-performing cryptocurrencies in the past week. The total market cap of meme coins has jumped to $61 billion.
Hoppy surged past the key resistance level of $0.0002080, its highest point on July 24. This level was significant as it represented the upper boundary of the cup and handle pattern, a common indicator of a bullish continuation.
Hoppy has risen above the 50-day moving average, suggesting that bulls are in control. However, indicators like the Relative Strength Index and the Stochastic Oscillator have moved into the overbought territory.
As a result, the token may pull back to retest the support level at $0.0002080 before resuming its bullish trend.
Ethereum, the second-biggest cryptocurrency, has lagged behind Bitcoin this year amid slow growth of its exchange-traded funds and competition from other layer-1 and layer-2 blockchains.
Ethereum (ETH) has rallied by less than 20% in 2024, while Bitcoin (BTC) has risen by over 50%.
Technicals point to more Ether weakness in the coming months. On the weekly chart, the coin formed a double-top chart pattern around $4,000. It dropped below the neckline of this pattern at $2,824 in July, confirming the bearish breakout.
Ethereum has also formed a death cross pattern as the 200-day and 50-day Hull Moving Averages made a bearish crossover. The HMA reduces lag by using weighted moving averages to smooth out price data.
The last time Ethereum formed a death cross on the weekly chart was in March 2022, and the coin dropped by over 70% after that.
Ether has also formed a bearish pennant chart pattern, which is characterized by a long vertical line followed by a symmetrical triangle. Typically, an asset experiences a bearish breakout when the two lines of the triangle converge.
Additionally, this consolidation is happening at the 50% Fibonacci Retracement level. Therefore, there are increasing chances that the coin will have a strong bearish breakout in the near term, with the next target to watch being $2,111, its lowest point on Aug. 5.
In addition to weak technicals, Ethereum is also battling significant fundamental challenges. First, Ether ETFs have not seen strong inflows a few months after launch.
According to SoSoValue, these funds have had cumulative outflows of over $530 million, primarily due to the Grayscale Ethereum Fund. In contrast, Bitcoin ETFs have crossed the $20 billion inflow level, pointing to higher demand from institutional investors.
Ethereum is also seeing intense competition in areas it used to dominate like DeFi and NFTs. Data by DeFi Llama shows that Solana has crossed Ethereum in terms of DEX volume in the last seven days. It handled $10.87 billion compared to Ethereum’s $9.69 billion.
If the trend continues, Solana may surpass Ethereum this month. Solana has handled $23.9 billion so far, compared to Ethereum’s $24 billion.
This performance is largely driven by the popularity of Solana (SOL) meme coins like Dogwifhat, Bonk, and Popcat have become popular among traders. All Solana meme coins have gained over $10 billion in market cap.
Additionally, some high-profile Ethereum whales, including Vitalik Buterin and the Ethereum Foundation, have sold thousands of coins recently.
In a recent analysis published by the DeFi Report, Ethereum’s network fees generated $261 million in Q3-2024, down 47% compared to the last quarter. Ethereum’s layer 1 fees in Q3 were the lowest the network has seen since Q4 of 2020.
In “The ETH Report: Q3-24” published on Oct. 16, Ethereum(ETH)’s layer 1 in Q3 of 2024 were shown to be the lowest since 2020. The DeFi Report believes that this is due to the emerging growth of layer 2 networks, the introduction of EIP 4844, and the decrease of new crypto users in Q3.
Not only that, the report revealed that Ethereum’s Total Value Locked dropped 14% in the quarter but was up 133% over the last year. The token itself was down 21% this quarter, with more tokens being issued than burned on the network.
In their analysis, the DeFi Report stated they predicted the dip in Ethereum’s fees as a result of the added EIP4844 update, the introduction of modular data availability network Celestia as well as new cheaper data availability networks popping up.
The launch of Uniswap Labs’ new latest layer 2 solution, Unichain, could also bring about more loss to Ethereum.
“The optics don’t look great. Fees are down. Inflation is up. Uniswap (controls 20% of gas fees to Ethereum validators) is now building their own L2,” said the DeFi Report in their latest analysis.
The founder of DeFi Report, Michael Nadeau, said Ethereum validators could use the opportunity to increase transactions and burn more tokens by driving down fees, which could boost token demand and bring in more profit for the network
“We view this as a win, win, win for app developers, users, and ETH validators or holders. With that said, as L2s scale, we expect that there could be a period where L1 validator revenues drop until the new supply of block space is ultimately filled by new use cases coming to market,” he wrote in The Ethereum Investment Framework.
Earlier this week, Nadeau commented in an X post that Ethereum validators and token holders could lose around $368 million in settlement fees paid by Uniswap with the launch of Unichain. Instead, the funds will go to Uniswap Labs and possibly Uniswap token holders.
ETH token holders could also suffer losses due to the protocol burning less ETH and the allocation of settlement fees going to UNI token holders instead.
Ethereum whales accumulated the asset as it surged above the $2,600 mark despite a notable increase in exchange inflows, triggering mixed signals.
According to data provided by IntoTheBlock, the Ethereum (ETH) large holder inflow almost doubled over the past week—registering a net inflow of 97,220 ETH on Oct. 15 which is worth roughly $254 million at the current price point.
Large holder net flows – Oct. 16 | Source: IntoTheBlock
An increase in an asset’s whale net flow shows accumulation and vice versa, per ITB.
Meanwhile, the Ethereum exchange net flows also shifted from a net outflow of 5,700 ETH on Oct. 13 to a net inflow of 15,000 ETH yesterday. This movement shows that investors are aiming for short-term profits.
On-chain data shows that ETH registered an exchange net inflow of $8.88 million over the past week.
This shift would be considered normal given that the ETH price rose from the 2,400 zone and surpassed $2,600 after two weeks of bearish consolidation.
The chart shows major profit-taking momentum between 14:00 UTC and 15:00 UTC on Tuesday as Ethereum quickly plunged from its local high of $2,685 to $2,540. Roughly $16.6 billion was wiped from the ETH market cap within an hour.
Despite the increased short-term profit-taking, ETH is still hovering above the $2,600 mark at the time of writing. The leading altcoin has a market cap of $313 billion with a daily trading volume of $22 billion.
Ethereum is still lacking a strong catalyst to continue its upward momentum. The U.S.-based spot ETH exchange-traded funds have also been performing poorly. These investment products recorded a net outflow of $12.7 million on Oct. 15 while the spot Bitcoin (BTC) ETFs saw a net inflow of $371 million.
Per a crypto.news report, the Australia-based Monochrome Asset Management launched the first spot ETH ETF in the country on Tuesday. The fund currently has only $272,908 in total net assets.
The Aptos token price is increasing due to all the positive buzz surrounding the project.
Let’s take a closer look at APT (APT) coin so we can understand the project and the factors that are currently influencing its price.
Table of Contents
What is Aptos?
Aptos, a layer 1 blockchain, was launched by Aptos Labs in October 2022, founded by a team of former employees who worked on Meta’s (formerly Facebook) crypto project Calibra, which was later rebranded as Libra and then Diem.
Aptos Labs, co-founded by CEO Mo Shaikh and CTO Avery Ching, is on a mission to reshape the Web3 experience. Their passion lies in creating user-friendly dApps on the Aptos blockchain, making the advantages of decentralized technology accessible to a broader audience.
Aptos distinguishes itself in the crypto space with its innovative approach to transaction processing, scalability, and security, making it a versatile platform for dApps and NFTs. The project is often referred to as an “Ethereum (ETH) and Solana (SOL) killer.” Its innovation is built on three key components: the Move programming language, a parallel transaction processing system, and Block-STM technology.
The Move programming language, initially developed for the Meta Diem project, is designed for security and flexibility in smart contract development.
In terms of transaction processing, Aptos stands out by using a parallel approach, departing from the sequential execution model employed by major blockchains like Bitcoin (BTC) and Ethereum (ETH). This enables Aptos to achieve potential speeds of over 160,000 transactions per second.
What lies ahead for APT, the native token of Aptos? Will its price return to previous highs?
Aptos crypto news and price factors
The Aptos token price is increasing due to all the positive buzz surrounding the project. Over the past 30 days, the Aptos (APT) coin has risen by approximately 70%. In the last week, its price climbed by 14%, and in the past 24 hours, it gained 2.5%.
As of October 15, 2024, the APT token is trading at $10.4, still well below its all-time high of $19.9 which the coin reached at the end of January 2023.
APT 1-day chart, October 2024 | Source: crypto.news
A big reason behind the recent rise of the price of Aptos tokens is Franklin Templeton’s announcement about launching its OnChain U.S. Government Money Fund (FOBXX) on the Aptos blockchain. Now, with this move, investors can easily get to the fund through the Benji Investments platform, simplifying how they manage their wallets on the Aptos network.
⚡ Aptos Newsroom, Special Edition ⚡@FTI_DA has launched its Franklin OnChain U.S. Government Money Fund (FOBXX) represented by the BENJI token on Aptos! 🤝
What’s more, Aptos is making waves in the Japanese market with its acquisition of HashPalette, a subsidiary of HashPort Inc.
This exciting move will allow HashPalette to transfer its blockchain infrastructure and applications to the Aptos network by 2025.
BIG NEWS: We’ve agreed to acquire @hashpalette_en, the pioneers behind Japan’s Palette Chain! This is a game-changer for Japan & the Aptos ecosystem. 🌏
This underscores our commitment to Japan, supercharging their booming digital economy with @Aptos cutting-edge tech ⚡🌐 pic.twitter.com/NjAYhT7ez1
Additionally, Aptos became the exclusive provider of blockchain technology for the digital wallet system at Expo 2025 in Osaka.
28 MILLION people are expected to attend the World Expo 2025 in Osaka Japan, and they’ll all be using a digital wallet developed by our latest acquisition @hashpalette_en on Aptos
🇯🇵 has A+ gov’t support & a vibrant Web3 ecosystem, making it (and APAC) the future of Web3. lfg pic.twitter.com/fMelMF9PNs
It’s clear from these updates that the Aptos blockchain is expanding, which is attracting more investors to the APT token.
Aptos price prediction 2024
Looking ahead to 2024, the APT token has a lot of potential. Interest in the Aptos blockchain is on the rise, positioning it as a key player in the crypto scene. Its unique focus on scalability and security is capturing the community’s attention.
As more users join the project, confidence in Aptos’s ability to advance blockchain technology is growing. This excitement could spark higher demand for APT tokens, possibly driving their price up as more investors discover what the project has to offer.
While many analysts are bullish on APT due to the heightened interest in the project, nobody can truly say what price point the project will end up at by the end of the year.
Savvy investors will closely monitor newsfeeds and social media for updates on Aptos that could influence token price including key partnerships and project development among other factors.
APT coin price prediction long-term
As Aptos meme coin continues to grow, its success will rely heavily on how good it is at welcoming developers and users into its ecosystem. Many have noted that it lacks the level of adoption seen by some of its competitors.
The big question is: can Aptos carve out its place in such a competitive market? The potential is definitely there, but in an increasingly competitive and well-developed industry, adoption is everything, and long-term success for Aptos will hinge on whether the project can become more widely used, and fast.
Is APT coin a good investment?
Cryptocurrency markets are notoriously volatile, subject to sudden shifts and external influences that can defy even the most well-informed predictions. Before putting your money into anything, consider how much risk you’re okay with and what you want to accomplish financially.
That way, you can make choices that fit your investment goals.
Will Aptos token price go up?
As with any asset, nobody can really say whether the price of a cryptocurrency will go up or not in the future. What people can do, however, is monitor the price charts for historic performance and attempt to find common patterns, then run tests to see if these patterns repeat themselves as time goes on.
The ability to read charts, known as technical analysis, is a key part of trading and investment, and you can read more about this skill in the article below.
Solana has surged ahead of Ethereum in weekly on-chain trading volumes, driven by a remarkable uptick in meme coin activity that now accounts for 40% of its trading landscape.
The crypto landscape is shifting, with Solana recently eclipsing Ethereum in weekly on-chain trading volume. A recent report from Wintermute shows that Solana’s (SOL) trading volume jumped 50% to $51 billion, while Ethereum (ETH) reached $46 billion, reflecting the ongoing recovery of the crypto sector from recent lows.
A big driver behind this momentum appears to be the rise of meme coins, which now account for 40% of Solana’s trading activity, fueled by meme coin marketplace pump.fun, which now accounts for 35% of Solana’s total decentralized exchange volume. However, despite the extensive hype, only 0.76% of pump.fun wallets have generated $1,000 or more, as crypto.news reported earlier in an exclusive deep-dive report.
The influx of speculative trading has led to a dramatic increase in token generation on the network, capturing an impressive 86% market share, up from 60% in early September, Wintermute notes. Weekly token generation also skyrocketed from 45,000 to 110,000 tokens.
Meme coins themselves have outperformed other sectors as well, with the GMCI’s Meme Index rising 34% in September, closely trailing the 39% growth of the GMAI Index. Year-to-date, the index has surged 140%, far surpassing the GMAI Index’s 83% growth, Wintermute notes.
Analysts suggest that Solana’s burgeoning meme coin activity “could potentially catalyze broader growth across the entire industry,” adding that the calm in crypto markets may be the “prelude to a storm as the U.S. election approaches.”
