- Vitalik Buterin lost over $400 million due to the recent market bloodbath
- ETH continues to be the second-largest crypto in the crypto market
The creator of Ethereum, Vitalik Buterin, lost millions of dollars as the crypto market bleeds. Specifically, Buterin lost over $400 million when the ETH market cap fell from $6.8 billion to $2.7 billion. This drastic fall of ETH is due to the recent market bloodbath experienced by the crypto world.
Furthermore, the market decline of ETH is felt across the crypto market. As a result, top altcoins such as BNB, XRP and DOGE also suffer a decline rate of over -10%. These cryptos are just some of the virtual assets that experienced the wrath of the bearish market. Truly, the bears right now are taking over the crypto market.
However, despite the market crash, ETH remains the second-largest crypto in CoinGecko. As a result, many traders and investors can’t help but think of the possibility of ETH flipping BTC.
This made crypto enthusiasts The Moon react in a tweet post:
Will Ethereum flip Bitcoin this year?
— The Moon 🌙 (@TheMoonCarl) June 7, 2021
On the other hand, as the crypto market becomes bloody, MicroStrategy purchased more Bitcoins. Interestingly, the firm bought an additional 13,005 BTC amounting to $489 million paid in cash. Hence, MicroStrategy now holds a total of 105,085 BTC.