In the last 24 hours, big Ethereum (ETH) investors have bought more than $400 million worth of this second-largest cryptocurrency. Ethereum whales acquired approximately 260,000 ETH tokens, totaling nearly $425 million, as per data from Santiment and cryptocurrency analyst Ali Martinez.
This surge in accumulation occurred as Ethereum faced a 4.7% drop in its value over the past week due to a broader cryptocurrency market correction, causing the total market capitalization of cryptocurrencies to dip close to the $1 trillion mark.
While Ethereum faces competition from rivals like Solana (SOL), Polygon (MATIC) and Cardano (ADA), which are gaining ground in the decentralized finance (DeFi) space, Ethereum remains committed to its goal of becoming a global computing platform. Developers are focused on improving scalability and reducing transaction fees by employing optimistic rollups, a technique that processes multiple transactions off-chain before submitting them to the Ethereum Mainnet.
Additionally, Ethereum is working on introducing smart contract wallets, a departure from the current self-custody model. This innovation would provide users with more secure control over their funds through smart contracts, instead of relying on private keys.
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