Ethereum

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Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) has been steadily increasing since mid-Oct. and recently broke the $2,200 mark for the first time since the Terra collapse in May of last year. 
ETH is up by 3.8% in the past 24 hours and is trading at around $2,250 at the time of writing — reaching a 20-month-high. The asset’s market cap rose to $270 billion with a market dominance of 17.3%.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2023/12/Ethereum-ETH-13.07.07-04-Dec-2023-1024x347.png" alt="Ethereum reaches 20-month high amid rising investor optimism - 26" class="wp-image-14222995">
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 ETH price, whale activity and total open interest – Dec. 4 | Source: <a href="https://app.santiment.net/charts/kHJssniD__sCl" target="_blank" rel="noopener">Santiment</a>
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Ethereum’s 24-hour trading volume also registered a 15% hike, surpassing the $11 billion mark.&nbsp; 
According to data provided by the market intelligence platform Santiment, the number of wallets holding between 0.1 and 1 ETH reached a 14-week high of 3.35 million, a level last seen in mid-August.&nbsp; 
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On the other hand, the number of whale wallets consisting of between 100 and 1,000 ETH, per Santiment, has been constantly declining since early March — currently standing at 40,779 unique addresses.&nbsp; 
Moreover, Santiment data shows that ETH’s total open interest (OI) has been constantly rising since Nov. 26. ETH’s total OI rose from $4.4 billion on Dec. 3 to $4.43 billion at the time of writing, per the market intelligence platform.&nbsp; 
Ethereum’s whale activity surged as the price hike came. According to Santiment’s data, the number of whale transactions consisting of at least $100,000 worth of ETH rose by 4.3% over the past 24 hours — rising from 3,343 trades on Dec. 3 to 3,484 unique transactions at the reporting time. 
The bullish momentum in ETH comes as the asset’s supply <a href="https://crypto.news/ethereum-turns-deflationary-as-validators-exit-and-defi-transactions-drop-57/">turned deflationary</a> amid a decrease in validator participation. According to a crypto.news report, the number of Ethereum validators exiting the network has been declining, causing a slow token issuance rate.&nbsp; 
Ethereum co-founder Vitalik Buterin previously <a href="https://crypto.news/vitalik-buterin-unveils-major-overhaul-of-ethereum-staking-to-enhance-decentralization/">pointed out the network’s staking and decentralization</a> problems. Buterin stated that the issues making the Ethereum blockchain look centralized will be addressed in the forthcoming Dencun upgrade. 
 Read more: <a href="https://crypto.news/top-cryptos-to-watch-this-week-btc-eth-tia/"> Top cryptos to watch this week: BTC, ETH, TIA </a>

Ethereum reaches 20-month high amid rising investor optimism

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