🚀🚀Attention Investors! PlusToken's $1.3 Billion ETH Sale Could Hit This Altcoin! 🚀🚀
It is stated that PlusToken's ETH sales could affect Cardano (ADA). While there is a strong correlation between ADA and ETH, China's strategies are also among the factors that will determine the ADA price. Cardano's price is stuck in an important area under Bitcoin's selling pressure at $60,922. The ETHs seized in the PlusToken scandal were transferred to central exchanges, creating a sales potential.
Correlation Between Cardano and Ethereum
In the last 24 hours, approximately 7,000 of the 542,000 ETH were sent to exchanges, signaling that there may be more sales in the future. PlusToken is known to have collected a total of 830,000 ETH, some of which may have been sent to the unknown Bidesk exchange. Fluctuations in the price of Ethereum can affect the performance of DeFi platforms and dApps.
Cardano Price Scenarios
If the ETH price drops to $ 1,950, ADA is expected to lose 30.24% to around $ 0.23. However, if the ETH sale does not take place, ADA could rise 23.56% from its current level to $ 0.45. At this point, Cardano is at a critical threshold between a potential 23% gain and a 30% loss. China's decisions are among the important factors determining ADA's price.
As a result, PlusToken's ETH sales could have a big impact on Cardano. It is important for investors to follow market movements carefully.
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