Ethereum Foundation Sells ETH Worth $13.3 Million Amidst Price Surge

• Ethereum has maintained its positive trajectory and is now trading at $3569.
• The crypto community is keenly awaiting the impending Dencun upgrade.

Investors and market experts are taking notice of the substantial transaction that the Ethereum Foundation has completed, selling off $13.3 million worth of Ethereum (ETH). People are talking about how this action by the foundation, which is highly vital to the cryptocurrency industry, may affect Ethereum’s market position.

Ethereum has maintained its positive trajectory and is now trading at $3569, demonstrating resilience despite the sell. According to CoinMarketCap, this signifies a 12.1% growth over the previous week, culminating in a strong market valuation of $428 billion.

Bitcoin (BTC), has also seen significant price increases, with a 27% increase in the last week and a price that is approaching its all-time high of $69,000, set in November 2021. Also, as a whole, the crypto industry has been growing recently, with the current price of Bitcoin hovering at $67,306 mark.

Awaiting Dencun Upgrade

Moreover, the crypto community is keenly awaiting the impending Dencun upgrade, which is a hybrid of the Cancun and Deneb upgrades, to see how it may impact Ethereum’s scalability, efficiency, and security.

On March 13, an upgrade will be released with the goal of drastically lowering layer-2 transaction costs. Test networks have been updated by the Ethereum Foundation, indicating that the mainnet activation is ready to proceed.

With 1.8 million new users joining the network last month, the total number of ETH holders increased to 115.5 million addresses, demonstrating Ethereum’s continued expansion of its user base. This increase highlights ETH’s growing influence in the market, in contrast to Bitcoin’s marginal decline in wallet addresses. 

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