November 6 was one of the biggest events in the crypto industry, as the polling results declared Donald Trump as the 47th President of the country. With that, the crypto trading market has witnessed quite a boost, leading to many dormant Ethereum whales returning to the market to benefit from the ETH price rally.
In the last 24 hours, the crypto market has seen a heavy boost, leading to a 9% surge in global market capitalization, currently at $2.43T. More importantly, traders’ enthusiasm has returned, guiding the trading volume to $180B. Overall, this was the outcome of the Bitcoin price hitting a new ATH of $76,460.15 just a few hours ago.
Dormant Ethereum Whale Made $30M With Crypto Trading
ETH price has surged 11% in the last 24 hours, attracting every crypto trading enthusiast towards itself, including this dormant Ethereum whale. As per the Lookonchain X post, this crypto whale has come out of dormancy after 8 years and instantly sold 11,005 $ ETH, making $30.56M with the Ethereum price of $2,777. However, this is not the only ETH whale that has dumped their tokens at the ongoing market rally. Another one sold $65.63 Million to Kraken earlier, which was concerning to many as such crypto whale involvement creates bearish sentiments.
However, despite this selling, the token is bullish and continuously moving up, currently at $2.8k, with a market capitalization and trading volume of $336B and $38B. It is impressive, especially after its earlier constant drop.
The Lookonchain post further revealed that the dormant Ethereum whale accumulated all these Ethereum tokens in 2016 when the ETH price was just $3.46. Since then, the value has surged more than 800X, making a heavy return for these crypto traders. However, if the whale had held for a little longer, it could have grabbed even better returns.
After the $ETH price rose, a whale dormant for 8 years sold 11,005 $ETH($30.56M) at $2,777 over the past 2 hours!
This whale accumulated 11,005 $ETH($38K at the time) from #ShapeShift at $3.46 per ETH in 2016.
The profit? $30.52M — an 802x return!https://t.co/f8CtLHvx2t pic.twitter.com/MKB15m19oR
— Lookonchain (@lookonchain) November 7, 2024
With this, the dormant Ethereum whale has showcased an impressive crypto trading strategy, i.e., holding for longer for heavier profits and never panicking, even if the price is down. This is because panic selling costs the opportunity to earn bigger. One prime example of this is this crypto trader who lost $454K in 40 minutes in panic selling after witnessing a downtrend in the crypto token.
What Is Coming Next For Ethereum Price Now?
With Donald Trump’s win in the US election, crypto analysts have anticipated the Bitcoin price rally to $90K or even higher. If that happens, the rest of the crypto market, including Ethereum price, might surge to new highs. Considering this and the strong buying pressure on the token, a few crypto trading analysts have anticipated a new ATH for ETH. However, considering its earlier weeks-long consolidation, there are doubts regarding its performance. Maybe, this is why, such dormant Ethereum whales exited the market early.
Ali, a crypto analyst, has recently shared his views about the ETH price, giving a better idea about the future. As per his post, the token has exhibited impressive performance so far and is moving parallel with his earlier prediction of Ethereum targeting new highs. He mentioned that the risk-to-reward ratio on this token is too good to pass up for a long position. Interestingly, others will also agree with that, as it is one of the most popular cryptos and has exhibited heavy gains in the past as well. And now, with the introduction of Ethereum ETFs, the expectations are way higher.
So far, so good: #Ethereum $ETH https://t.co/X4lodGGIVY pic.twitter.com/4jF3EauXUo
— Ali (@ali_charts) November 7, 2024
Before ending the post, Ali also mentioned that he has his stop below $1,880 and is aiming for a target of $6K, confirming the possible new ETH price ATH. Now, it is to see how this token will continue to cater to the holder’s crypto trading expectations.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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