Buy ETH: Large Transaction of 97,276 ETH Creates a commotion in the Crypto Community

Bittime - The crypto community is being shocked by the massive purchase of Ethereum (ETH) of 97,276 units. This giant transaction sparked speculation and question marks regarding its impact on the overall crypto market.

The culprit behind this fantastic purchase is PulseChain, a controversial project founded by Richard Heart, the man behind HEX and its decentralized exchange, PulseX. According to Lookonchain data, PulseX and PulseChain poured funds amounting to $363 million to buy 97,276 ETH in a short period of just two days. These transactions were carried out using 11 different wallets with a total expenditure of 363.66 million DAI at an average price of $3,738 per ETH.

This surprising purchase inevitably attracted the attention of traders, investors and analysts. They were curious about the motive behind the action of buying ETH by PulseChain. Speculation is increasingly heated because some parties suspect that the purchase was made when the ETH price was at a local peak.

The price of ETH has indeed experienced sharp fluctuations in the last two days, marked by a significant increase in volatility. For example, on March 5, ETH price moved wildly between $3,829 (highest) and $3,205 (lowest) due to a sudden correction.

After touching $3,903 on March 6, the price of ETH is currently experiencing a decline. While this article was written, the price of ETH has plunged 2.66% in the last 24 hours to $3,784. This decline indicates minimal profit potential from PulseChain's 97,296 ETH deposit based on current prices.

Although PulseChain's motives for accumulating large amounts of ETH are still a mystery, demand for Ethereum in general continues to show a positive trend. Both retail and institutional investors alike are showing great interest in this crypto asset, driven by confidence in its long-term prospects.

Currently, hopes are increasing as we approach the launch date of the Dencun upgrade which is scheduled for March 13. This upgrade will introduce “proto-danksharding” aimed at making Layer-2 transactions as cheap as possible for users.

Impact on the Market

Crypto experts are debating the impact PulseChain's massive ETH purchases will have on the market. Some analysts think that this buying action could trigger an increase in ETH prices in the short term. The reason is that purchasing large amounts can reduce the availability of ETH circulating on the market, thereby pushing prices up.

However, other analysts are of the view that the impact may not be very significant. They argue that such purchases represent only a small portion of ETH's total market capitalization. ETH's market cap currently stands at around $450 billion, so PulseChain's $363 million purchase only contributed around 0.8%.

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Considering Buying ETH

The massive transactions by PulseChain are certainly interesting news for crypto market players. However, investors, especially retail investors, need to be careful before making investment decisions.

Here are some factors to consider before buying ETH:

• Fundamental analysis: Learn and understand the technology and team behind Ethereum. Stay up to date on upcoming upgrades and how they may impact the usability and value of ETH.
• Technical analysis: Observe ETH price movements in charts to understand price trends and support and resistance levels. Use technical indicators to help you make trading decisions.
• Overall market conditions: Analyze general market sentiment and how it may affect the price of ETH. Consider the macroeconomic factors that can impact the overall crypto market.
• Risk management: Set a stop-loss order to limit losses if the ETH price moves down. Invest only funds you are prepared to lose.

Buy ETH (Ethereum) on Bittime Today

Source: Bittime.com

On March 8, 2024, the price of ETH (Ethereum) was at IDR 61,655,966 per coin, an increase of 3.76% in 24 hours.

Also Read How to Buy Crypto:

The Future of Ethereum

Ethereum is one of the pioneers of blockchain platforms that supports smart contracts. This technology enables the building of various innovative decentralized applications (dApps) in various sectors, such as finance (DeFi), blockchain games ( NFT ), and sokan chains.

With upcoming upgrades that promise to increase scalability and reduce transaction costs, Ethereum has the potential to attract even more interest from developers and users. This, in turn, can drive ETH value growth in the long term.

Conclusion

Deciding whether or not to buy ETH ultimately depends on each investor's investment strategy and risk tolerance. Learn and understand the fundamentals of blockchain technology and the Ethereum project before investing. Analyze market conditions thoroughly and apply good risk management to minimize losses.

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How to Buy Ethereum (ETH) on Bittime

You can buy and sell  Ethereum (ETH)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Ethereum (ETH)  is available on Bittime with  the market pair ETH/IDR .  To be able to buy  ETH/IDR  at  Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on  Bittime  is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Ethereum (ETH) on Bittime. 

Monitor price chart movements   for Ethereum (ETH) , Bitcoin (BTC) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Bitcoin (BTC) Today: Price Skyrockets, Bitcoin Mining Stocks Drop?

How Does Tether (USDT) Influence Global Economic Development? Read the explanation

Ethereum (ETH) vs Solana (SOL): Price Comparison of ETH/IDR and SOL/IDR

DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.