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Ethereum surpasses the limit: What's the next move?
The wind in the cryptocurrency markets is once again blowing from Ethereum(ETH). Breaking through the $2,300 barrier and diverging positively from the overall market, ETH has renewed its upward momentum with the moves of institutional giants and regulatory clarifications.
A MAJOR PURCHASE FROM BITMINE
The most tangible move changing the supply-demand balance in the market came from BitMine Immersion Technologies. The company made a show of strength by purchasing 71,524 ETH in just one week. As the company's total holdings reach 4.87 million ETH, this amount accounts for more than 4% of the total circulating supply. BitMine's strategy to accumulate 5% of the supply aims to tighten market liquidity and influence the price.