Bitwise reported that a total 27 companies hold Ethereum (ETH). Collectively, the 27 companies hold 4,63 million ETH valued at over $19 billion. Bitwise’s report is most notable for the fact that almost all of the ETH purchased by public companies within the last 3 months.
Do Public Companies Drive Ethereum’s Price Rally?
The current market cycle has seen a significant increase in corporate buying. In the past quarter, public companies have increased their holdings by 95%. Ethereum hit a record high on August 24th of this year of $4.946.05. ETH has reached a high point after four long years. Bitcoin (BTC), which has seen multiple highs since the SEC’s approval of 11 ETFs for spot markets, has lagged behind ETH.
Despite its incredible rise over the past few months, Ethereum seems to be a victim of the current market trend. According to CoinGecko’s Ethereum dataThe price of ETH has fallen by 1.9% over the past 24 hours. It is also down 9.3% for the last 7 days, 7.9% on the charts that cover 14 days, and 10.4% compared to the prior month.
Can the Asset be Recovered This Month?
Most likely, the trade dispute between China and US was what caused the crash in crypto markets. Investor confidence has been affected by macroeconomic uncertainty. With negotiations in progress, it is possible that Ethereum’s price and market could rebound quickly.
The Federal Reserve is likely to cut rates again by another 25 basis point after their next meeting. Ethereum (ETH), if interest rates continue to drop, could get the boost it needs to regain its previous price level.
Please Read This: Ethereum Price: $11K Move Is Coming Fast, Plan Your Returns Now
CoinCodex analysts also anticipate Ethereum (ETH) to recover soon. The platform predicts ETH’s climb to a record-breaking high, and that it will surpass $6000 later in the year. CoinCodex forecasts ETH to trade at $6414 by December 31, 2025.
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Source: watcher.guru
