Bitcoin is currently trading at its lowest levels in years. Ethereum (ETH) lost the $1,500 support with an additional 7% decline. The weekend was spent watching Lido Staked Ethereum (stETH), which is threatening a LUNA-like collapse. Meanwhile, Ethereum whales are accumulating in GALA and APE metaverse coins as the altcoin market continues to lose.
Ethereum whales stock these altcoins as the market drops
The WhaleStats chart below shows which coins Etheruem whales have bought the most in the last 24 hours. With the exception of Ethereum in the top spot, the stablecoin has witnessed whale purchases loaded with USDC and USDT. SPELL is in third place with a $3.7k purchase shortly. Interestingly, whales are accumulating two metaverse coins as the market drops. Gala Games (GALA) and Apecoin (APE) are coins that whales value at the bottom price. It is possible to see DeFi coins such as AAVE and FTM later in the list.
stETH, a staked DeFi variant of Ethereum, has lost price stability like LUNA-UST in recent days. This is causing concern throughout the market. As a result, bears dominated the cryptocurrency market all week on June 12. According to WhaleStats data, whales bought the following altcoin projects the most during this time.
- Ethereum (ETH)
- USD Coin (USDC)
- Tether (USDT)
- Spell Token (SPELL)
- 9) )Gala Games (GALA)
- Aave (AAVE)
- Paxos Gold (PAXG)
- NuCypher (NU)
- Phantom (FTM)
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Top-traded small-volume altcoin projects
Next, let’s look at the small-volume altcoin projects that whales trade the most. These altcoins have a market capitalization of between $5-15 million. PAR is a stablecoin pegged to the euro. The DEX protocol DG managed by the DAO is in second place. Finally, the Wrapped USTC Token allows trading Terra-based coins with fiat currencies.
Ethereum (ETH) crashes 10% on merge delay, $1200 showing?
Ethereum dropped over 5% to $1,466.20, according to data from Coinmarketcap.com. Its lowest level since March 2021. As a result, ETH is trading at around 56% valuation this year. Thus, it performed much worse than Bitcoin.
Ethereum’s recent losses were triggered by a number of factors, as quoted by Cryptokoin.com. The delay in a planned difficulty bomb aimed at eventually phasing out mining on Blockchain is the latest source of downward pressure.
According to technical indicators, Ethereum price is trading in a descending triangle formation that could see the coin drop as low as $1,200 in the near term. This prediction was put forward by legendary analyst Peter Brandt.
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