TL;DR
- Ethereum fell from nearly $3,700 to a minimum of $2,852 per token, a decrease of almost 23%, due to global geopolitical tensions.
- Despite the drop, ETH began to recover in the last 24 hours, with a 5.26% increase bringing it back close to $3,200, and a market capitalization exceeding $383 billion.
- Whales accumulated large amounts of ETH during the price drop, with examples such as the purchase of 1,000 ETH worth approximately $3.15 million, and Matrixport acquiring over 67,000 ETH in the last two weeks.
During the weekend, the crypto market suffered a significant price drop. Ethereum (ETH) reached almost $3,700 and then dropped nearly 23% to a minimum of $2,852 per token. This was due to global geopolitical tensions that negatively impacted the market as a whole. The TOTAL index fell by 17%, representing a loss of almost $430 billion in market capitalization.
According to data provided by Coinmarketcap, Ethereum (ETH) began to recover in the last 24 hours. With a 5.26% increase, it is approaching $3,200 again. Market capitalization increased proportionally, exceeding $383 billion. However, the total volume remains in the red, with a drop of over 38%, approaching $22 billion.
This whale accumulated 1,000 $ETH($3.15M) from #Binance at the bottom again, accumulating 8,300 $ETH($25.12M) after the market dropped.https://t.co/ZXrwpz1g6D pic.twitter.com/bONUrSKbyl
— Lookonchain (@lookonchain) April 15, 2024
However, amid the market chaos, there was a particular trend. Whales demonstrated strong confidence in Ethereum’s potential. They took advantage of the price drop to accumulate large amounts of ETH. For example, an address known as “0xE34” bought 1,000 ETH, valued at approximately $3.15 million, at the lowest point of the market. Another significant player, associated with Matrixport, withdrew 16,300 ETH from Binance, valued at $51.1 million.
Ethereum Has Plenty of Potential
Matrixport, a well-known company in the cryptocurrency financial services sector, has played a crucial role in managing and trading digital assets for institutional and retail investors worldwide. It has acquired a total of 67,286 ETH since March 29, valued at approximately $228.33 million, demonstrating its confidence in Ethereum’s future.
Substantial purchases during periods of market instability underscore the confidence of several key players in Ethereum’s potential. Despite geopolitical uncertainties and market volatility, ETH continues to strengthen and maintains a bullish sentiment among top holders.
