Tom Lee, Chairman of Bitmine Immersion Technologies, assessed the drop in Ether price below $2,200 as a favorable investment opportunity. During this decline, the company increased its reserves by 71,672 ETH. Over the past week, the price of Ethereum fluctuated between $2,081 and $2,341, standing at $2,128 as of Tuesday. This is reported by Cointelegraph.com reports .
Bitmine is currently the largest Ether treasury holder and follows a business model similar to Michael Saylor's strategy. The company's total assets have exceeded 5.2 million ETH. The goal is to accumulate 5% of Ethereum's total circulating supply of 120.7 million.
Large market investors are also becoming active. According to data from the analytical platform Lookonchain, a major investor (whale) who bought Ethereum ten years ago and sold it last year has returned to the market, purchasing 1,951 ETH at a price of $2,182.
Tom Lee noted that rising oil prices are putting pressure on the cryptocurrency market. In his view, the stabilization of oil prices could lead to a recovery in Ether's value. Citigroup analysts predict that the price of Ethereum could rise to $3,175 over the next 12 months, or up to $4,488 in a positive scenario.
Read “Zamin” on Telegram!
