Ethereum whale bought $100 million and transfers to a private wallet
The cryptocurrency market is continuing to correct. In it, some traders and investors decided to buy the dip to cover losses when the market recovered. While the market didn’t have a lot of buying power today, $100 million was transferred by Ethereum whale instantly from the Gemini exchange to a private wallet.
Source: Whale Alert
Ethereum whale bought $100 million worth of coins, down 4%
The value of the wallet now stands at $92 million after Ethereum lost 8% of its previously achieved value. The wallet was continuously sending and receiving funds, which could indicate that it is tied to a project or even an exchange, but no such information has been confirmed.
While the largest cryptocurrency on the market is currently trading with a 16% weekly loss, Ethereum has shown a more reliable market performance by losing only 12% in the same time period.
ETH/USD 4-hour chart | Source: TradingView
At press time, Ethereum is trading at $4,068 and is even showing slight growth against Bitcoin. Several industry experts note that Ethereum’s dominance over Bitcoin has reached the highest values since the “ICO-era” in 2017 when the coin’s dominance on the market reached 31%.
Take, for example, Peter Schiff of Euro Pacific Capital. He has argued that Ethereum is a superior store of value compared to Bitcoin based on its price performance in 2021.
“Bitcoin pumpers claim that Bitcoin is a better store of value than gold because it’s the price has risen more than gold’s price. By that logic, Ethereum is a better store of value than Bitcoin. If Bitcoin is gold 2.0 then Ether is Bitcoin 2.0. Has Ether already disrupted Bitcoin?”, Schiff stated.
He called ETH “Bitcoin 2.0” and implied that Bitcoin could have been broken by its biggest competitor. Prominent members of the Ethereum community found themselves agreeing with Schiff, showing credence to his arguments.
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