Latest Developments in the Cryptocurrency Market
The cryptocurrency market has been stimulated by important developments recently. Especially Ethereum (ETH), the leading altcoin, experienced a sudden rise with the post-election performance of Bitcoin (BTC). This situation had a positive impact on the general market, causing an upward movement. Additionally, crypto investment giant Paradigm Capital’s movement of large amounts of Lido DAO (LDO) tokens attracted attention.
Whale Activity in Leading Altcoin Ethereum
Ethereum has the second largest position among cryptocurrencies. In particular, Bitcoin reaching an all-time high after Donald Trump’s big election victory also had a positive impact on the Ethereum price. The price of Ethereum on Thursday maintained its market momentum, rising by nearly 13% in the last 24 hours. This surge allowed whales to cash out, and the global crypto market cap rose by more than 3% to $2.52 trillion in just one day. Additionally, 24-hour trading volume rose to $190 billion as the bulls took over.
- The rise in Ethereum’s price shows that several crypto whales have sold a total of $124 million worth of Ether.
- Notably, Ethereum ICO whale “0xB8c” transferred 25,000 ETH (worth approximately $65.67 million) to the Kraken exchange at a price of $2,627.
- This whale currently still holds 64,450 Ether (worth approximately $181 million).
- Another whale “0x0c1” decided to buy again after 8.75 years and sold 8,701 Ether for 24.05 million USDC.
- This sale allowed the whale to make a profit of $30.48 million.
Latest Status and Analysis on ETH Price
The recent rise in Ethereum’s price has helped it recoup the losses it has suffered in the past. The price of ETH has increased by 18% in the last 30 days. Its current price was at an average of $2,844 at press time. The 24-hour trading volume increased by 41% and reached 39.73 billion dollars. According to CoinGlass data, the total value of long and short bets liquidated in the last 24 hours based on the Ether price reached $64.25 million. Short positions worth $43.23 million, which constituted 67% of them, were liquidated. This shows that investors do not expect a reversal in Ether’s price.
Additionally, Tether, the issuer of USDT, the largest stablecoin, injected 1.845 billion USDT into Ethereum exchanges in the last 12 hours. Among these transfers, 1.706 billion dollars to Binance, 101.7 million dollars to Coinbase, 20 million dollars to OKX and 17.86 million dollars to Kraken attracted attention. This big move came after Tether Treasury minted 2 billion USDT in Ethereum. However, it was also stated that 1 billion USDT was burned in Tron in recent days. Tether was reported to have a total of 37 billion USDT in Ether and Tron over the past year. In addition to increasing liquidity in the markets, this may also cause fluctuations in the ETH price.
LDO Token Transfers and Paradigm Capital’s Strategy
Crypto investment firm Paradigm Capital is known for its significant investments in the Lido DAO ecosystem. In recent developments, it was noteworthy that Paradigm moved Lido DAO (LDO) tokens to the Coinbase exchange. Paradigm relocated LDO tokens with a total value of $96.6 million in two different wallets. Some of these tokens were transferred to Coinbase as 8.18 million LDO, valued at $11.29 million.
About four years ago, Paradigm made a large investment by purchasing Lido DAO tokens from Lido Finance’s treasury. The purpose of this investment was to support the growth of Lido Finance’s liquidity staking platform. This move by Paradigm is considered an important indicator for the future of Lido DAO. Lido DAO plays an important role in the cryptocurrency ecosystem by allowing users to provide liquidity for staking transactions.
As a result, developments in projects such as Ethereum and Lido DAO continue to shape the dynamics of the cryptocurrency market. It is critical for investors to follow such movements closely in order to understand market trends.
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