As a seasoned analyst with over two decades of experience in the financial markets, I find the recent investment moves by Arthur Hayes into Aethir (ATH) intriguing. Given his reputation as a shrewd investor and former CEO of BitMEX, this move is not entirely unexpected.
Known cryptocurrency investor Arthur Hayes, previously the CEO of BitMEX, is said to have bought a substantial amount of the relatively unheard-of altcoin Aethir (ATH). This purchase reportedly includes 11.4 million tokens, which equates to around $779,000. The transaction was spotted and shared by on-chain data analyst firm Lookonchain. It’s claimed that this transaction took place on the crypto exchange OKX.
Following Hayes’ takeover, it’s said that another significant investment was made by an unidentified party. Specifically, this investor bought approximately 28.87 million ATH, valued at roughly $1.95 million, across various platforms such as Bybit, KuCoin, and OKX. According to data from Lookonchain, these purchases were spread out over several exchanges.
Three days ago, Hayes predicted in his latest essay that the cryptocurrency market might start rising from September 2024, ending its downward trend. He expressed, “Given the circumstances, I anticipate that crypto will break free from its sideways-to-downward trend starting in September. With this upcoming late summer weakness in the northern hemisphere, I plan to invest more in cryptocurrency risks.”
Without explicitly mentioning any particular altcoins, it appears that Aethir (ATH) could be among those Hayes is investing in. Regarding the wider market, Hayes expressed optimism for a revival of altcoins, provided that major cryptocurrencies like Bitcoin and Ether surpass significant price thresholds.
He stated that Alt szn, or altcoin season, won’t occur until Bitcoin and Ether surpass $70,000 and $4,000 respectively. In other words, if Bitcoin and Ether experience a significant rally driven by liquidity in the US dollar before the end of the year, it could pave the way for a lively altcoin party again.
Crypto Newcomer: What Is Aethir (ATH)?
As a researcher delving into the intricacies of the Aethir network, I’ve come to understand that the ATH token serves as its native cryptocurrency, playing a pivotal role in its decentralized GPU cloud infrastructure. The ATH token functions both as a utility and governance token within the Aethir ecosystem. This ecosystem is geared towards offering decentralized cloud solutions for AI and gaming, leveraging its innovative Distributed Proof of Infrastructure (DePIN) technology.
As a crypto investor, I find that ATH tokens serve multiple essential purposes within their ecosystem. For one, these tokens can be utilized to cover costs associated with utilizing GPU resources for AI processing tasks and cloud gaming services. Additionally, token holders have the privilege to cast votes on proposals that shape the network’s future direction. Furthermore, ATH functions as a reward system, particularly incentivizing those who run Checker Nodes and contribute GPU power via devices like the Aethir Edge.
The Aethir network prioritizes active community involvement and decentralization, striving to spread ATH tokens among many users via methods such as airdrops and earning possibilities through the Aethir Cloud Drop initiative. This initiative offers community participants the chance to acquire ATH by contributing to network expansion and interaction through various activities.
As a researcher studying the crypto market, I’ve observed that this particular token has about 4.056 billion units in circulation, giving it a market capitalization of roughly $276 million. This makes it only the 215th largest cryptocurrency by market cap. Interestingly, in the last 24 hours, trading volume has been quite high at $91.15 million, though it’s down by 63% compared to its all-time high (ATH). Despite this decrease, the ATH trading volume still ranks among the top 56 cryptocurrencies over a 24-hour period.
At press time, ATH traded at $0.068059, down -4.6% in the last 24 hours.
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2024-08-15 17:34