Over the last 24 hours, Ethereum, the leading altcoin in the crypto market, has gone through significant price fluctuations. Following a steep decline the previous day that eliminated approximately $30 million in investments within an hour, Ethereum‘s cost dropped by as much as 3.1%, touching $3,411 at one point.
After experiencing a rebound, Ethereum’s price had risen to $3,591 within just over 20 hours, marking a 5.3% increase from its previous low.
During the volatile cryptocurrency market conditions, crypto giants or “whales” have been making significant moves, sparking interest among analysts. Notably, according to Spot On Chain, a whale identified as “0x347” deposited a large amount of 9,000 ETH, equivalent to around $32 million, into Binance. This deposit represents the biggest ETH transfer made by this particular whale so far. At present, “0x347” owns about 29,738 ETH, worth approximately $106 million, resulting in a reported profit of $68.5 million.
Alternatively, according to Lookonchain reports, a significant purchase of 10,309 ETH worth approximately $35.82 million was made by a large investor during the market downturn. This whale also made a sizable investment prior to Bitcoin‘s price increase on April 8.
Some major players in the Ethereum market have different perspectives about its short-term growth based on their actions. While a few believe that the price uptick is an indication of a continued bullish trend, others think it could just be a brief rebound. With the market being unpredictable, Ethereum continues to be a subject of intense debate and fascination among traders.
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2024-04-11 11:19