In the midst of the recent volatility of the crypto market and the rising dominance of Ethereum (ETH), the debate between ETH and BTC was ignited by some major players joining the debate. Wall Street banking giant Goldman Sachs recently released its Global Macro Research report, in which it clearly demonstrates Ethereum support.
ParaFi Capital Managing Partner Santeago Santos reviewed the report and highlighted some key points. The Goldman report states:
“Given the importance of real uses in determining the store of value, Ether has a good chance of surpassing Bitcoin as a dominant store of value. The Ethereum ecosystem supports smart contracts and provides a way to build new applications on its platform. Most decentralized finance (DeFi) applications are built on the Ethereum network, and most fungible tokens (NFT) issued are purchased using Ether. The higher number of transactions against Bitcoin in Ethereum reflects this dominance. ”
The banking giant also stated that Ethereum has the first step advantage in crypto technology implemented by hosting DeFi and NFTs. He also added that Ethereum is the right platform for the secure and private storage of information that can be converted into money using tokens. Goldman referred to the Ethereum platform as “Knowledge Amazons” in his report.
Three-Year Highest Ethereum Whale Transactions
After the Ethereum (ETH) price rose to an all-time high of $ 4,400 in mid-May, it lost about 50% if, and is currently trading around $ 2,200. However, on-chain data provider Santiment stated that the amount of ETH whale transactions above $ 100,000 reached the highest level in the past 40 months within nine days after reaching ATH.
🐳 The amount of #Ethereum whale transactions (greater than $100,000 in value) ballooned to levels not seen since January, 2018 this week. After hitting an #AllTimeHigh of $4,358 just 9 days ago, $ETH dropped to $2,015 (a -53.8% slide) in just one week. https://t.co/tsF44fwp1A pic.twitter.com/iiR6fCr7lA
— Santiment (@santimentfeed) May 22, 2021
At the same time, ETH stock exchange reserves are also increasing rapidly, according to the news outlet Wu Blockchain. Therefore, a strong selling sentiment has emerged recently. The news outlet also drew attention to a strong liquidation of the Ethereum foundation. “The Ethereum Foundation also transferred 35,000 Eth to the exchange for dubious sale on May 17, when the price was $ 3280,” he added.
Bitcoin's market value has returned to 46%, an increase of nearly 7% points from 5 days ago. Ethereum's exchange reserves have also begun to rise, indicating that the market has a strong selling sentiment for the coin, which has a higher rate of increase in the past. pic.twitter.com/N3ypeYF55S
— Wu Blockchain (@WuBlockchain) May 23, 2021
On the other hand, Canada’s Purpose Bitcoin ETF continues to accumulate massive amounts of ETH. In the last 15 days, Purpose has added about 15,000 ETH and increased its total assets to 46,600 ETH coins.
— Bloqport (@Bloqport) May 22, 2021