The Number of Long-Term Holders of Ethereum Reached a New High, Surpassing That of Bitcoin

The proportion of Ethereum (ETH) held by individuals for an extended period has recently achieved a significant milestone, surpassing 70% since December 1st.

As per the analysis conducted by the digital currency analysis company IntoTheBlock, this development is significant as it positions Ethereum above Bitcoin (BTC) in terms of the same metric. Bitcoin’s metric stood at just under 70%.

In December, the proportion of Ethereum (ETH) held by long-term investors reached an unprecedented level, surpassing 70%.

— IntoTheBlock

Some market analysts see the increase in the percentage of ETH held by such investors as a demonstration of their strong belief in the long-term prospects of the cryptocurrency.

The current record is observed in light of forecasts indicating Ethereum’s imminent potential to surpass Bitcoin in terms of performance. On December 23rd, cryptocurrency analyst Raoul Pal restated previous estimates showing that in 2024, there is a possibility for Ethereum (ETH) and Bitcoin (BTC) to experience a similar market cycle as they did in 2021.

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Ethereum (ETH) demonstrated a more significant growth rate during that particular year than Bitcoin (BTC). Specifically, ETH experienced a growth of 254%, while BTC only grew by 45% after initially lagging.

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 To address concerns regarding the potential decline in the value of Ethereum (ETH)… In February 2021, the price of Bitcoin (BTC) reached $44,000, which remains its current value. At the same time, Ethereum (ETH) was priced at $1400 but has since increased to $2250. After nine months, ETH experienced a significant growth of 245%, while BTC saw a more modest increase of 45%.
    The potential for Ethereum (ETH) to outperform Bitcoin (BTC) is anticipated to be a significant macro trend in 2024, as indicated by our research at EXPAAM.

— Raoul Pal

The analysts at JPMorgan, known for their conservative approach to the crypto market, have provided a cautiously optimistic forecast that aligns with Pal’s perspective. They predict that in 2024, Ethereum (ETH) will surpass Bitcoin (BTC) along with other digital currencies in terms of market price performance.

According to Arthur Hayes, Ethereum could potentially surpass $5,000 in value by 2024.

The positive perspective on Ethereum (ETH) expressed by Nikolaos Panigirtzoglou and his team is based on the anticipated benefits of the EIP-4844 upgrade, also referred to as protodanksharding. Scheduled for deployment during the initial six months of 2024, this upgrade aims to substantially improve the operational capabilities of Ethereum’s network by implementing a more streamlined sharding technique.

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Although Bitcoin remains higher than the current price, several analysts believe the continued strong performance of altcoins and Layer 2 (L2) projects suggests that Ethereum (ETH) is poised for a rally. Currently, ETH is priced at $2,300, reflecting an increase of 4.3% in the last week and an 88.6% increase over 12 months.

However, it is worth noting that Ethereum co-founder Vitalik Buterin has recently attracted attention by moving 500 ETH, valued at over $1 million, to Coinbase, according to analysts who study blockchain transactions.

This is in continuation of a sequence of notable transactions executed by Buterin in September, along with his declaration in October that he has refrained from selling Ether for personal benefit since 2018.

The recent transactions observed in Mr. Buterin’s Ethereum wallet, which involved the transfer of approximately $3.79 million worth of ETH over ten days in September, prompted speculation regarding the sale of his cryptocurrency holdings. However, Mr. Buterin clarified that these transfers were made for philanthropic purposes rather than personal financial gain.

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