Monat: April 2023

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Ethereum ICO account that bought ETH at $0.31 wakes up after 7 years

  • Ethereum (ETH) ICO price was $0.31 when the address received coins on 30 July 2015.
  • The addresses’ wealth has jumped from $733 to over $4.4 million at the time of the single transaction on 23 April 2023.
  • Last week a Satoshi era wallet woke up after over 10 years.

An Ethereum wallet that participated in the coin’s initial coin offering (ICO) has transacted for the first time, on-chain data shows.

The address received 2,365 ETH on 30 July 2015 and remained dormant until Sunday, 23 April 2023 when it transferred 1 ETH. The address received the ETH at block 0 and transferred the single ETH at prices of $1,868 at block 17110898.

With the ICO price having been $0.31 in 2015, the wallet‘s wealth has grown from around $733 to over $4.4 million.

“An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address. He received 2,365 $ETH ($4.42M currently) at Ethereum Genesis, the ETH ICO price [was] ~$0.31,” on-chain data tracker Lookonchain tweeted.

Ethereum price traded at an all-time above $4,800 in 2021 and hit year-to-date highs above $2,100 this month after the Shapella upgrade.

Bitcoin wallet woke up after 10 years

Last week another mega-dormant wallet address woke up, this time a Satoshi era Bitcoin wallet address that remained inactive for over 10 years. 

As highlighted by CoinJournal, the wallet was created in 2012 and held 1,128 BTC for over 10 years. On 21 April 2023, the wallet transferred 279 BTC worth about $7.8 million to three new addresses. 

Bitcoin price at the time of the wallet’s creation 10+years ago was between $12 and $95.

The post Ethereum ICO account that bought ETH at $0.31 wakes up after 7 years appeared first on CoinJournal.

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Ethereum price prediction: ripe for a 37% jump to $2,500

Ethereum price has pulled back in the past few days as the recent rally took a breather. ETH dropped to a low of $1,851, which was 14% lower than the year-to-date high of $2,131. This means that the coin has moved to the correction zone, which happens when an asset drops by 10% from its peak.

Is this the end of the crypto rally?

Ethereum price has declined sharply in the past few days as investors focus on the state of the crypto industry. This decline has been led by Bitcoin, which has dropped from the year-to-date high of $31,000 to about $27,000. 

There are several reasons why cryptocurrency prices have pulled back in the past few days. First, the sell-off is mostly because of profit-taking after they crossed key milestones. Bitcoin recently rose above the key milestone of $30,000. Similarly, Ethereum price recently rose above $2,000. In most cases, cryptocurrencies tend to decline after hitting a key level.

Second, Ethereum price is dropping because of the so-called ‘buy the rumour, sell the fact.’ Ethereum jumped recently jumped as investors waited to the Shanghai upgrade. The upgrade means that investors in key platforms like exchanges can now start withdrawing their coins. 

Further, ETH price is also plunging because of the uncertainty about the Federal Reserve. In a statement, Fed’s Christopher Waller said the Fed should continue hiking interest rates in the coming months. Analysts now expect that the Fed will continue hiking interest rates in May and then have a prolonged pause.

Ethereum price prediction

On the daily chart, we see that the ETH price has been in a strong bullish trend in the past few months. It has jumped from ~$1,080 to a high of $2,040. The coin has formed a cup and handle pattern, which is a bullish sign. As such, the ongoing decline is part of the handle section. 

Most importantly, the coin has remained above the 50-day exponential moving average. The Relative Strength Index (RSI) has moved below the neutral point. Therefore, there is a likelihood that the coin will bounce back in the coming weeks. If this happens, the next key level to watch will be at $2,500, which is about 37% above the current level.

How to buy Ethereum

eToro

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Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

The post Ethereum price prediction: ripe for a 37% jump to $2,500 appeared first on CoinJournal.

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DAI whales have added 6.4% of stablecoin’s supply since mid-March

  • DAI stablecoin holders are adding to positions as crypto prices range.
  • Addresses with 100k-10 million DAI added 6.4% of supply in the past six weeks. 
  • The overall holdings for this cohort had dropped significantly as Bitcoin and Ethereum prices pumped in mid-March, Santiment data shows.

On-chain data shows large investors, the sharks and whale addresses with $100,000 to $10,000,000 worth of DAI have recently added to their positions. Addresses with 100,000-1 million DAI hold over 13% of supply while those with 1 million- 10 million DAI currently hold over 25% of supply.

Whales buy DAI stablecoin as markets range

As the crypto markets see fresh volatility, market data provider Santiment has highlighted that after the rotation that followed Bitcoin and Ethereum prices pumping in mid-March, sharks and whales have added 6.4% of DAI.

“Even with crypto markets rollercoastering in April, top stablecoins like $DAI are being accumulated by sharks & whales. Since $DAI was exchanged for pumping $BTC & $ETH in mid-March, $100k-$10m DAI addresses have added 6.4% of the supply back since,” Santiment noted.

As of 23 April 2023, addresses with $100k- $1 million in DAI held 13.43% of the stablecoin’s supply, while addresses with $1 million-$10 million of DAI held about 25.53% of current supply. These cohorts have increased their buying power since their holdings bottomed out around mid-March, on-chain data showed.

The chart below that Santiment shared on Twitter indicates the above scenario.

Dai stablecoin whale and sharks holdings. Chart courtesy of Santiment on Twitter 

What is Dai (DAI)?

DAI is the native stablecoin for major lending protocol Maker, whose governance token MKR currently trades around $688. Dai is the first decentralised, crypto-collateralised stablecoin, with its value pegged 1:1 to the US Dollar.

One of the benefits of Dai is with its use in mitigating price volatility in a crypto market where digital asset prices can swing wildly at any given time.  The token is also highly composable with dApps, including DeFi industry’s leading projects Uniswap and Compound.

What does whales’ buying of DAI mean for crypto prices?

Typically, large whale transactions involving stablecoins has preceded major accumulation of crypto tokens such as Bitcoin and Ethereum. This is so because buying of stablecoins such as DAI, Tether and USD Coin have usually indicated whales positioning of money in readiness for buying.

BTC and ETH prices have recently retreated from highs above $31k and $2.1k respectively as those who bought at the top seemingly sell.

The post DAI whales have added 6.4% of stablecoin’s supply since mid-March appeared first on CoinJournal.

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3 cryptocurrencies to buy as they lag behind Bitcoin’s rally

  • Solana outperformed major cryptocurrencies in 2023
  • Bitcoin gained over +64%
  • Cryptocurrency market bulls might focus on other major cryptocurrencies until the gap with Bitcoin shrinks

Cryptocurrencies started 2023 with a bid tone. The bullish momentum continues into the 4th month of the year, as investors still believe that more upside is possible.

A quick look at the leading cryptocurrencies and how they performed in 2023 reveals something interesting. That is, three cryptocurrencies lag behind Bitcoin’s rally, meaning that there might be some momentum left in the race to catch up with Bitcoin.

TradingView ranks the top 10 cryptocurrencies, as seen below. If we exclude Tether and the USD Coin and focus on the other, we find that Doge, Polygon, and BNB have underperformed in 2023.

Doge, Polygon, and BNB might catch up with Bitcoin

Surprisingly, Bitcoin is not the cryptocurrency that performed the most in 2023. Solana is, up +67.12% YTD.

Bitcoin chart by TradingView

One scenario moving forward is that if Bitcoin gives up some of its 2023 gains, it will drag the other cryptocurrencies down. But those still believing in the Bullish potential of this market might see things differently.

In particular, the last three cryptocurrencies in the top 10 have a lot of room to catch up with Bitcoin. For example, Dogecoin is up only +13.29% in 2023. Also, Polygon gained +28.54%, while BNB delivered a +34.71% YTD.

Sure enough, these are all stunning performances for such a short period. But Bitcoin gained +64.64% over the same period, so there is still a potential for some catch-up to do.

Overall, the lagging cryptocurrencies look attractive here for investors believing that the bullish rally still has some legs. As such, avoiding Bitcoin might make sense until the gap shrinks.

The post 3 cryptocurrencies to buy as they lag behind Bitcoin’s rally appeared first on CoinJournal.