Is The Recent Sell-Off A Buying Opportunity For Ethereum?

Josh Brown, CEO of Ritholtz Wealth Management, said he has been adding to his position in Ethereum ETH/USD Friday on CNBC's "Fast Money Halftime Report."

What Happened: Bitcoin BTC/USD and Ethereum fell more than 50% from last week's highs as environmental concerns around cryptocurrency mining crippled the market.

Tesla Inc TSLA CEO Elon Musk tweeted his concerns publicly, which many people point to as the turning point in crypto. 

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

Josh Brown told CNBC that when he saw Bitcoin and Ethereum get cut in half, he got really excited about the opportunity to buy more Ethereum. 

Bitcoin is another version of gold, while Ethereum is like Amazon.com Inc's AMZN Amazon Web Services, Brown said. 

He has owned both cryptocurrencies since 2017, but added to his Ethereum position because he "just didn't own enough" of the popular cryptocurrency, he said. 

Related Link: Cardano Founder Says The Only 'Ethereum Killer' Is Ethereum 2.0

Price Action: Bitcoin is up 23.48% year-to-date while Ethereum is up $236.14 year-to-date.

At last check Friday, Bitcoin was down 8.22% at $35,417.69 and Ethereum was down 10.36% at $2,455.27. 

Photo by Stock Catalog from Flickr.