Just when it appeared that the leading cryptocurrency Bitcoin was recovering, a new selloff occurred. A further decline occurred yesterday evening, bringing the price down to around $58,000.
This decline was also reflected in altcoins, with the price of Ethereum, the largest altcoin, dropping to around $1,500.
With this decline, all $ETH It was the first loss for whales in seven years.
Cryptocurrency analyst Dirkforst, using a pseudonym, said that all large-scale Ethereum ($ETH) Investors, or whales, are currently in a state of unrealized losses.
Specifically, a group of investors holding 1,000 to 10,000 shares. $ETH A loss of 26% has occurred. Groups with 10,000 to 100,000 $ETH We are experiencing a loss of 21%. And finally, groups with more than 100,000 people $ETH There is a 5% loss.
The analyst also added that historically, periods of Ethereum whale losses have coincided with market lows.
Analysts also believe that given that all whale groups are suffering losses, $ETH Prices are trending relatively well.
As a prediction of $ETH Hitting rock bottom, Ethereum has lost its position as the second-largest cryptocurrency by market capitalization to Tether ($USDT).
During the day, Tether overtook Ethereum in market capitalization and moved to second place in the overall crypto rankings. but, $ETH It has since regained its position as the second largest cryptocurrency.
According to the latest data, $USDT The current market capitalization is $186 billion. $ETH The market capitalization is approximately $187.1 billion.
*This is not investment advice.
