The cryptocurrency industry shows that there is upward movement today, with the leading cryptocurrency Bitcoin rising to 44 thousand dollars. This rise attracts attention by increasing the feeling of FOMO (Fear of Missing Out) in the altcoin market.
Rise in Bitcoin and Ethereum: But Ethereum Couldn’t Rise at the Same Rate as BTC
As of today, the increases in the value of Bitcoin have brought about upward movements in the leading altcoin Ethereum. However, it is observed that Ethereum has not experienced as great a rise as BTC due to the increase in Bitcoin dominance. In parallel with Bitcoin’s rally, Ethereum’s performance is shaped depending on the dynamics in the altcoin market.
Ethereum Purchasing Activity of Hashkey-Associated Wallet
In recent hours, information has emerged that a wallet associated with Hashkey, a major player in the cryptocurrency market, has purchased Ethereum. According to data provided by Look On-Chain, this wallet made a total of 9 thousand ETH withdrawals from Binance and OKX exchanges. This transaction was valued at $20 million. Uncertainty about whether the wallet belongs to Hashkey or uses the same deposit address has sparked speculation in the altcoin community.
A wallet related to #Hashkey withdrew 9K $ETH ($20M) from #Binance and #OKX today.
This wallet uses the same deposit address as #Hashkey, which may belong to #Hashkey.https://t.co/R8ox6ESO0Q pic.twitter.com/n9KKLTDKGu
— Lookonchain (@lookonchain) December 5, 2023
Ethereum’s Current Value and Expectations
Ethereum is trading at $2,260 at the time of writing. However, on this day when Bitcoin recorded an increase of nearly 5%, it is observed that Ethereum’s increase was limited to 1%. The fact that large crypto investment companies (VC) continue to purchase Ethereum in the coming period may accelerate the rise in the leading altcoin Ethereum. With these developments, the cryptocurrency market continues to focus on future trends.
