Bitmine Buys Another 52,475 ETH Worth $220 Million, Now Holding a Total of 1,575,848 ETH Worth $6...

Bitmine buys another 52,475 ETH worth $220 million

The entity now holds a total of 1,575,848 ETH worth $6 billion

The price of ETH is retesting the $4,100 resistance level once again.

Tom Lee’s Bitmine Immersion has been buying, the pioneer altcoin asset, Ethereum (ETH), at an accelerated pace, beating Michael Saylor’s BTC accumulation strategy. Presently, Bitmine is holding over 1% of the ETH total supply and aims to accumulate 5%. Today, Bitmine buys another 52,475 ETH valued at $220 million. This brings the entity’s total ETH holdings to 1,575,848 ETH valued at $6 billion

Bitmine Buys Another 52,475 ETH Worth $220 Million

Bitmine Immersion started accumulating ETH at an accelerated pace only a short time ago, and already the entity has collected over 1% of the total ETH supply. The entity, under the guidance of its Board Chain, Thomas Lee, also known as Tom Lee, now aims to accumulate 5% of the total ETH supply. Lee believes that holding ETH now is a lot more efficient than holding more BTC.

Other entities like BlackRock have also come to this conclusion, seeing as how BTC has already pumped a significant amount this bull cycle, in comparison to ETH, which has yet to reclaim its previous ATH price and is awaiting to enter the price discovery phase, accumulating ETH now sounds more enticing. As for price predictions, Tom Lee has stated his belief that the price of ETH will possibly hit the $15,000 to $16,000 ATH by the end of the year.

As for long-term targets, Tom Lee has stated once before that the price of ETH could go on to hit $60,000 this bull cycle. Thus, his pursuit of securing more ETH until Bitmine secures 5% of the total supply continues. Most recently, as we can see from the post above, Bitmine Immersion bought another 52,475 ETH worth $220 million, bringing its total ETH holdings to 1,575,848 ETH worth $6.6 billion

ETH Price Dips to $4,100, Retest Ensues

The price of ETH had gone as far as the $4,700 price range just a few days ago. The price of ETH has since declined to lower prices, the lowest of which was hit today at the $4,100 price level. As we can see from the post above, this reputed crypto analyst marks how the $4,100 level was the resistance phase for years, and is now being retested as support. If it breaks through, then it could be the perfect R/S flip.

All in all, the price dips haven’t dampened bullish sentiments in the eyes of experienced traders. In fact, most dips during a bull cycle are seen as golden opportunities to accumulate more assets, just as Bitmine Immersion did today, in scooping up a significant amount of ETH when an opportunity shone through. The crypto community awaits bullish prices to arrive soon