Ethereum (ETH) has achieved a significant market capitalization milestone, reaching $523 billion, eclipsing payments giant Mastercard which currently stands at $519 billion. This surge is attributed to several key factors, including substantial recent accumulation of the cryptocurrency by various entities and bullish forecasts for its future value.
A significant contributing factor is the aggressive purchase of 221,166 ETH, valued at approximately $212 million, by a single, unidentified entity within a one-week period. This major buy exemplifies heightened demand at current levels.
Adding to the positive sentiment, some technical analysts have offered bullish predictions, suggesting ETH could potentially reach $20,000 in the near future. Further signaling confidence among major holders, the number of known Ethereum addresses holding more than 10,000 ETH has increased to 868,886, reaching its highest point in a year.
The institutional interest extends beyond unknown investors. Publicly traded companies, including BitMine Immersion Technologies and SharpLink Gaming, have also added significant quantities of Ethereum to their holdings recently.