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How Did Ethereum’s 23% Rally Boost BitMine’s Holdings to $13.4 Billion? Discover the Impact!
In the latest ethereum news, BitMine has significantly increased its investment in Ethereum (ETH), positioning itself for potential gains as the cryptocurrency approaches a critical resistance level. As analysts speculate on a possible new all-time high (ATH), Ethereum’s recent rally is turning heads in the crypto community.
On Monday, Ethereum surged to a multi-week high of $4,718, ignited by the “Uptober” market rally that also propelled Bitcoin (BTC) and Binance Coin (BNB) to new heights. This impressive performance marks a remarkable 23% rebound from a recent dip that saw ETH tumble to a low of $3,815 in September. Currently, Ethereum is nearing the upper boundary of its macro range high for the first time in nearly a month, trading within the $3,600-$4,800 range that previously characterized the 2021 ATH rally.
After retesting the mid-zone of this range last week, analysts are optimistic. They suggest that a weekly close above $4,200 would likely allow Ethereum to reclaim the $4,600 area, setting the stage for new highs. Observers noted that if ETH breaks through the $4,500 resistance, it could challenge the macro range highs decisively. As of now, Ethereum has successfully reclaimed both the $4,500 and $4,514 levels, with the cryptocurrency currently striving to establish $4,700 as a reliable support.
Interestingly, a prominent crypto analyst dubbed “Titan of Crypto” has highlighted that ETH has broken out of a “textbook continuation pattern” on its weekly chart. He emphasized that a breakout from its bull flag formation could lead to a potential 50% rally, with ETH now eyeing a target of $6,900. Meanwhile, another analyst, Crypto Jelle, has set an ambitious target of around $10,000 for Ethereum. This sentiment aligns with observations that Ethereum appears poised for continuation after breaking out of a multi-year bullish megaphone pattern.
BitMine’s ETH Treasury Reaches New Heights
Amid these developments, corporations have been bullish on Ethereum, investing millions in ETH-focused Digital Asset Treasury (DAT) strategies. BitMine, the largest Ethereum-based treasury firm, recently announced an uptick in its holdings, surpassing the $13 billion mark in ETH. As of now, BitMine’s assets total approximately $13.4 billion, which include 2,830,151 ETH and 192 BTC, along with a $113 million stake in Eightco Holdings as part of its “Moonshot” initiative.
In late September, BitMine revealed it had achieved a 2% milestone toward its goal of owning 5% of Ethereum’s total supply, which translates to approximately 2.4 million ETH tokens. This growth is impressive, especially considering BitMine is also among the 28th most traded stocks in the US, with an average daily trading volume of $2.5 billion.
Last week, BitMine’s chairman, Thomas “Tom” Lee, attended the TOKEN2049 conference in Singapore, where he met with Ethereum core developers and key players in the ecosystem. After the event, he expressed optimism about the future, asserting that the narratives of Supercycle investing will revolve around AI and crypto for decades to come. He further elaborated that Ethereum remains the premier choice due to its reliability and consistent uptime.
As of this moment, ETH is trading at $4,710, reflecting a 13% increase over the past week. This momentum could signify a broader trend within the crypto market, making it a pivotal time for investors to stay informed.
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