Kenne Michael 
Ethereum (ETH), the second-largest cryptocurrency in the world, participates in the altcoin mega rally with a 10% price increase.
Meanwhile, ETH is trading 10.36% higher at $2113 with a market capitalization of $254 billion as of press time.
ETH Addresses Shoot
The recent surge in the price of Ethereum coincides with a substantial accumulation of ETH addresses across all cohorts.
According to a report by Santiment, an on-chain data provider, Ethereum has encountered a substantial upsurge in its market value over the last four weeks, with a noteworthy increase of 38%.
This increase can be ascribed to significant expansion within the network.
In addition, the quantity of micro addresses holding less than 0.1 ETH has surpassed 100,000 wallets for the first time.
Furthermore, a significant increase can be observed in the tiers of 0.1-10 ETH and 10,000+ ETH.
Amidst the recent surge in ETH, the cryptocurrency has surmounted a significant supply barrier at $2,030.
Popular crypto analyst Ali Martinez predicts that the price of ETH will continue to rise until it reaches $2,500.
BlackRock’s Ethereum ETF
Today’s Ethereum price increase is primarily due to the filing of the spot Ethereum ETF by BlackRock, the largest asset manager in the world.
On Thursday, the Delaware Division of Corporations website showcased the iShares Ethereum Trust registration.
This occurrence reflects a trend identified in June when BlackRock applied for a Bitcoin ETF close to a comparable notification for the iShares Bitcoin Trust.
UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023
BlackRock is not the initial applicant to file a spot Ethereum ETF.
Currently, the US SEC has received seven applications from participants, including VanEck, ArkInvest, 21Shares, Invesco, Hasdex, and Grayscale.
Several altcoins have joined Ethereum in its recent uptrend.
Chainlink, an Oracle service provider, has experienced a growth rate of 100% in the past three weeks.
Conversely, the layer-2 platform Polygon on Ethereum is also witnessing a significant surge in its native token MATIC, which is approaching $1.
In light of recent events, renowned cryptocurrency analyst Lark Davis stated: “Blackrock will get Bitcoin, Ethereum, and yes eventually Chainlink, Solana, etc ETFs. This cycle is when the institutional money shows in big time. It also means it could be the last cycle for insane life changing generational wealth”.
