Ethereum Long-Term Hodlers Reach Record 70% Ownership
Data from blockchain analytics firm IntoTheBlock reveals that the amount of Ethereum owned by long-term hodlers has reached a new high of over 70%. This surpasses Bitcoin, which is slightly below the 70% mark. HODLers play a crucial role in maintaining the overall health of any blockchain by holding onto their crypto regardless of market volatility.
Strong Belief in Ethereum’s Long-Term Potential
The rise in Ethereum ownership by long-term hodlers demonstrates a strong belief in the asset’s long-term potential. Despite market uncertainties, investors have shown patience and conviction. Ethereum has seen impressive growth in market capitalization and positive developments such as upgrades, ETF applications, and adoption metrics.
Optimism for Ethereum’s Price Trajectory
Experts are optimistic about Ethereum’s price trajectory in 2024. Glassnode co-founders Jan Happel and Yann Allemann have set a target of $2,500 for Ethereum, citing “market enthusiasm.” They suggest that a more ambitious push could potentially drive Ethereum to $2,700.
Importance of Acceptance from Traditional Finance
The success of Ethereum in 2024 may depend significantly on its acceptance by traditional finance (TradFi). A recent report by Messari highlights that Ethereum’s environmentally friendly image makes it appealing to Wall Street. Messari CEO Ryan Selkis predicts swift adoption of an Ethereum ETF, following the trend seen with Bitcoin.
Hot Take: Ethereum Hodlers Show Strong Conviction for Long-Term Growth
The increasing percentage of Ethereum owned by long-term hodlers reflects their strong conviction in the asset’s long-term growth. Despite facing market uncertainties, these committed holders have refrained from selling, contributing to Ethereum’s record ownership by hodlers. This demonstrates a belief in Ethereum’s potential and the role it plays in maintaining the overall health of the blockchain. With experts predicting a positive price trajectory for Ethereum in 2024 and the asset’s appeal to traditional finance, Ethereum hodlers are positioned for potential future gains.
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