Ethereum has experienced a remarkable surge in its market capitalization, jumping by an impressive 9.2% in the last 24 hours and surpassing the $3,700 mark for the first time in over three weeks. 

According to the Santiment feed, the Market Value to Realized Value metric indicated that traders were averaging significant losses from April 2nd to April 7th, creating an opportune window for buying ETH with minimal risk.

As Ethereum solidifies its position as the second-largest cryptocurrency by market cap, on-chain activity has reached its highest ratio of profit versus loss for the year and since December 22, 2023. This surge in activity coincides with a notable increase in the movement of coins on the blockchain.

Amidst the surge in ETH price and on-chain activity, Alameda Research’s wallet 0xf02 made a significant deposit of 4,000 ETH ($14.75M) to Coinbase at a price of $3,688, marking the largest single ETH deposit by FTX and Alameda since the market rally in February. 

Since February 1, 2024, FTX and Alameda have deposited a total of 21,650 ETH ($72.4M) to Coinbase, mostly before the subsequent price drop.

Ethereum ICO Transfer Of ETH To Renzo 

In another development, an Ethereum ICO participant identified as 0x3A0…9f8FE deposited 10,000 ETH tokens to Renzo and Swell eight hours ago, valued at $73.56 million. This deposit has now become Renzo’s fourth-largest personal staking address. 

The original participant received 314,807 ETH from the Genesis address on July 30, 2015, at a cost of only $0.31, and also received 4 million DAI from the Ethereum Foundation.

Overall, Ethereum’s recent surge in price and on-chain activity signals a renewed bullish sentiment in the market, with investors and participants actively engaging in transactions and positioning themselves for potential gains.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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