One of the cryptocurrencies in the red today is the biggest altcoin by market cap, Ethereum (ETH). According to the market tracking website CoinMarketCap, ETH saw a 0.08% drop in price over the last 24 hours and now trades at $1,194.81 after reaching a low of $1,185.70 over the same time period. The altcoin is also still in the red by about 1.55% over the last seven days.
The post Moralis Web3 CEO Believes Ethereum Could Hit $10K Very Soon appeared first on Coin Edition.
ETH did, however, strengthen against its biggest competitor, Bitcoin (BTC), by 0.48% since yesterday. Also in the red zone is ETH’s 24-hour trading volume which currently stands at $4,555,223,608 after a more than 3% decline. The altcoin’s market cap stands at $146,212,976,126.
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About nine hours ago, the CEO and co-founder of MoralisWeb3 who goes by the name of Ivan on Tech, took to Twitter to ask the crypto community if they are still bullish on Ethereum (ETH). A few hours later, the CEO responded to his own tweet by confirming that he is, in fact, bullish on ETH. He even went as far as to say that he believes ETH could reach $10k very soon.
He also stated that he clings to this belief despite some of the criticism he has received for his opinion on ETH and its future performance.
The comments on his post mostly agreed with the fact that ETH has the potential to reach $10k, but many believe it might not happen as soon as the CEO believes it will.
Apparently, Ethereum’s energy consumption fell 99.99% following its merge to proof-of-stake. To people criticizing $ETH do you really think $BTC will become a global digital currency when energy consumption is just going to increase? Or followed the energy crisis in Europe?
NFTs enable creators to monetise their art and easily enter a global marketplace of collectors and traders. Whether they are on Bitcoin, Ethereum or any other chain, the underlying concept of digital collectables is not going away, Blockchain technology is harnessing the power of art.
Almost 1 Million Ethereum Were Sold by Whales, Causing Surge in Price
Meanwhile, Ethereum’s price performance in December was sad, to say the least. Poor fundamentals, a depressing macro situation on the market and a lack of network activity were the primary reasons behind the lack of momentum on the market.
However, the real reason might be far more prosaic after we take a look at whale wallets. According to the on-chain data, Ethereum whales who held up to 100,000 ETH have sold or moved up to 880,000 Ethereum since the beginning of this month.
At least part of that sum has most likely been sold on the market, corresponding to the selling pressure we witnessed on the market throughout the month.
Even though the trading volume on Ethereum has not been exceptional in December, with the poor liquidity on the market, even a selling pressure of 500,000 ETH would be enough to push the price of the second biggest cryptocurrency on the market below the $1,200 price level.
Another large contribution to the active redistribution of assets was part of the global trend of funds migration from centralized cryptocurrency exchange to self-custody.
Even though migration from exchanges to wallets is not associated directly with the selling activities, it could be a correlating factor, as some investors prefer liquidating their holdings rather than simply moving them to their own wallets.
As we mentioned above, the fundamental reason behind the plunging price of ETH could be tied to the decreasing network activity as more investors are leaving the industry for good, or at least until the market recovers.
At press time, Ethereum is trading at $1,194, deliberately trying to hold the $1,200 price threshold, which acts as a platform for any move toward the next resistance.