An early Ethereum (ETH) investor has woken up after almost ten years of inactivity showing a big money turnaround that’s got the crypto world talking.
Having initially invested in the Ethereum ICO in 2014, this individual recently transferred 1,111 ETH to a new wallet, now valued at approximately $3.7 million according to Whale Alert.
The Ethereum ICO happened in July 2014. Back then, ETH cost about $0.31 for each token. At that time, the investor received a total of 2,000 ETH, resulting in an initial investment of just $620, as highlighted by blockchain intelligence platform LookOnChain.
Over the past nine years, the value of Ethereum has skyrocketed, reaching a current price of around $3,388.34 per ETH. Consequently, the current value of the 2,000 ETH holdings is approximately $6,776,680.
In the last nine years, Ethereum’s value has shot up, now trading at about $3,388.34 per ETH. As a result, the 2,000 ETH holdings are worth around $6,776,680 today.
Breaking Down the Profits
To get a clear picture of how much this investment has grown, let’s look at the key numbers:
- Initial Investment: $620 (2,000 ETH at $0.31)
- Current Value: $6,776,680 (2,000 ETH at $3,388.34)
- Percentage Gain: Approximately 109,600%
Factors Behind Ethereum’s Growth over the Years
Several factors have caused Ethereum’s price to rise since its ICO. Ethereum’s usefulness has expanded with the launch of decentralized apps (dApps) and the rising popularity of non-fungible tokens (NFTs), which has increased demand for the asset.
Also, the move to Ethereum 2.0, which aims to make the network more scalable and efficient, has attracted a lot of attention and investment.
What’s more, the U.S. Securities and Exchange Commission (SEC) gave the green light to spot Ethereum ETFs giving the market an extra push. This official nod means Ethereum ETFs now let investors get a piece of Ethereum in a controlled setting, which might draw in a lot of big-money players and their cash.
While we haven’t seen the full effect of these new Ethereum ETFs on ETH’s price yet, market watchers are feeling good about what they could do. They think these ETFs could really boost Ethereum’s worth by opening the door for more old-school financial markets to join in.
This progress mirrors the path of Bitcoin ETFs, which saw inflows of over $58 billion in their first five months on the market. The upbeat market mood around the green light for Ethereum ETFs is likely to boost ETH’s value and make it easier to buy.
Dormant ICO Wallets are Reactivating
Earlier this month, two more Ethereum wallets from the ICO days came back to life. One held 6,000 ETH (worth about $21.9 million) and the other had 997 ETH (valued at $3.4 million). While some might think this means people are cashing out, the Ethereum network still stands strong. The main numbers look good.
Ethereum’s price hovers near $3,336, while its trading volume jumped by more than 37% in the past day hitting $16.7 billion. The digital currency boasts a market value of $401.1 billion cementing its spot as the number two cryptocurrency.
