When it comes to cryptocurrencies, it wouldn’t be wrong to say that Bitcoin is the first coin that comes to everyone’s mind. What about altcoins? Here, it would be correct to mention that Ethereum, which is second in market dominance, leads. Vitalik Buterin, perhaps the most favored personality of cryptocurrencies, has a great impact on this.
The price movements in Ethereum, which takes itself forward every day with the updates made, continue to make the investor think.
How Much is Ethereum?
Ethereum (ETH), the second-largest cryptocurrency by market value, experienced a sharp price drop in recent days, falling from $1,940 to $1,847. Although various factors play a role in the fluctuation of cryptocurrency prices, it is believed that significant sales made by a certain “whale” significantly contributed to this example of Ethereum’s decline.
A “whale” in the crypto world refers to a person or organization that holds a large amount of a particular cryptocurrency. When such a player makes significant purchases and sales, it usually triggers notable price movements.
In this case we see, an Ethereum whale strategically deposited 25,000 ETH (worth approximately $47.24 million) to the popular crypto exchange platform Binance and withdrew 15.9 million USDT 12 hours later.
Big Profit from the Ethereum Whale
This crypto whale, known for buying low and selling high, has maintained an excellent winning rate in Ethereum trading over the past few months. Although this successful strategy has been profitable for the whale, it has recently put downward pressure on ETH’s price.
Just nine hours after the first transaction, the whale withdrew another 16 million USDT, contributing further to Ethereum’s downward movement. Analysts believe that the sudden drop in Ethereum’s price is largely due to this whale’s significant sale.
With approximately 8,000 ETH yet to be sold (worth around $14.7 million), this influential whale’s future trading activities could potentially create additional selling pressure on Ethereum’s market value. However, it is also very important to remember that crypto markets can be affected by numerous factors, including global economic trends, regulatory news, and changes in investor sentiment.
This recent event underscores the power and influence that whales have on the cryptocurrency market. Individual investors should always be cautious and follow large wallets to avoid unexpected sales like this.
