Amid Bitcoin’s continued sideways movement above $43,000, altcoins have outperformed the leading cryptocurrency. Ethereum, the largest altcoin, has recently dipped below $2,400, facing significant resistance at $2,500, mirroring Bitcoin’s struggle at the $45,000 mark.
Over the past month, Bitcoin has been trading sideways, with the current levels for both Bitcoin and Ethereum acting as substantial support during the downturn in 2022. However, as Ethereum rose above $2,400, ETH whales began to make their moves.
According to a post by Lookonchain, one particular whale, who has been successful in ETH trading, sold 17,700 ETH worth $42.19 million at $2,384 following the rise in Ethereum’s price. This sale resulted in earnings of $5.8 million for the whale, marking a 100% earning rate from buying and selling ETH at the lowest point in the last three months.
This smart money is buying $ETH back at a lower price.
He has spent 21.82M $DAI to buy 9,168 $ETH at $2,380 so far.https://t.co/yGkFI6qpnj pic.twitter.com/SIkHX4AnXs
— Lookonchain (@lookonchain) December 28, 2023
Continuing the ‘buy low, sell high’ strategy after this sale, the whale purchased 9,168 ETH at $2,380, spending 21.82 million DAI. This move indicates a strong belief in the potential of Ethereum, despite the current market conditions.
At the time of writing, the global crypto market cap has risen to $1.69 trillion, recording a 24-hour gain of 0.8%. Bitcoin was trading lower by 0.2% at $42,787, while Ethereum rose by around 4.7% to $2,406 on Thursday.
Buterin’s Two-Tiered Proposal for Ethereum’s Scalability
In related news, in a blog post published on December 27th, the cryptocurrency expert highlighted the need to address a systemic complexity that has emerged from the mechanism’s design, which supports an indefinite number of validators. The expert proposed two solutions to this issue.
The first solution suggested the elimination of solo staking, instead establishing decentralized stake pools as the sole method for users to engage in the network. The second solution introduced a two-tiered system. This system would consist of a ‘heavy’ layer requiring a 4096 ETH stake, and a ‘light’ layer composed of small-scale stakers, adding a layer of security to the network.
This activity from the Ethereum whale, the overall market movements, and the recent proposal by Vitalik Buterin suggest a potential shift in the crypto landscape. As Bitcoin continues its sideways movement, altcoins, led by Ethereum, may be poised to take the spotlight.
