The proportion of long-term ETH holders has surged this year. bitcoin For the second time ever. According to data from on-chain analytics platform IntoTheBlock, Ethereum We have done quite well in terms of long-term holder ratio this year, with over 70% of investors currently holding their assets for more than a year, which is a new milestone for blockchain.
Long-term ETH holders now top BTC.
Ethereum’s price activity this year has been significantly weaker than Bitcoin. However, this is not surprising as Bitcoin has led the entire industry in terms of bullish indicators and investor confidence this year. However, data from IntoTheBlock shows that more Ethereum investors are holding ETH for the long term, believing that its value will continue to rise significantly over time.
Long-term holders are investors who refuse to sell their cryptocurrency even during market volatility and falling prices. This is particularly important for maintaining the overall health of the blockchain as it provides stability and helps reduce price volatility.
History has shown that Ethereum has surpassed Bitcoin only once when it comes to this indicator. Finally, it is important to note that when this happens, ETH will lead this indicator for several months to come.
2023 review! Long-term investment proportion this year $ETH The number of holders surpasses Bitcoin for the second time ever! pic.twitter.com/i6kDzAjzgM
— IntoTheBlock (@intotheblock) December 30, 2023
On the other hand, the In/Out of the Money metric is Into the Block It shows that Bitcoin is leading Ethereum. profitability. As of this writing, 82.25% of all BTC addresses are making money at current prices, compared to 76.10% of ETH addresses.
Bitcoin’s high profitability may be linked to the huge number of early Bitcoins that are assumed to be lost forever. As a result, the percentage of holders purchasing based on current prices puts Ethereum ahead of Bitcoin.
Total crypto market cap is currently at $1.6 trillion. Chart: TradingView.com
About 63% of ETH addresses that bought between the current price of $1,948 and $2,641 are still making a profit, while 52% of addresses that bought BTC between $35,729 and $48,402 are still making a profit.
What’s next for Ethereum?
Ethereum is currently trading at $2,285 and is up 91% this year. However, the price of the asset greatly Performance is poor compared to Major altcoins like Solana and Cardano are up 925% and 145% respectively this year.
Interestingly, this has not stopped optimistic predictions regarding Ethereum. one of these is Predictions from BitMex Founder Arthur Hayes, he estimated the astonishing price of Ethereum at $5,000. Crypto analyst Raoul Pau also examined price history and predicted that ETH outperforming BTC will be a key macro trend in 2024. The first step to achieve this is to break above the $2,380 price level.
For all the ETH declines… In February 2021, BTC hit $44,000 (where it is now) for the first time, ETH was at $1400 (now $2250), and 9 months later, ETH is up 245% and BTC is up 45%.
I think ETH outperforming BTC will be a key macro trend in 2024, and our work at EXPAAM suggests this. One/ pic.twitter.com/QGSZahldg
— Raoul Pal (@RaoulGMI) December 21, 2023
Featured image from Pexels