The Rise of Long-Term Ethereum Holders
The amount of Ethereum (ETH) owned by long-term holders has reached 70% since Dec. 1, surpassing Bitcoin’s metric. This increase in the proportion of ETH held by these holders indicates a belief in the cryptocurrency’s long-term potential.
Ethereum’s Potential to Outshine Bitcoin
Crypto analyst Raoul Pal predicts that Ethereum will outperform Bitcoin in 2024, similar to their performance in 2021. In that year, ETH grew by 254% while BTC grew by 45%.
JPMorgan Analysts’ Optimistic Forecast
JPMorgan analysts also forecast that ETH will outpace BTC and other digital assets in market price performance by 2024. This positive outlook is tied to the upcoming EIP-4844 upgrade, which is expected to enhance Ethereum’s network performance.
Impressive Performance and Potential Rally
Despite lagging behind Bitcoin’s level, the recent impressive performance of altcoins and L2 projects suggests an impending ETH rally. Currently priced at $2,300, ETH has seen a 4.3% increase over the past seven days and an 88.6% increase over 12 months.
Vitalik Buterin’s Activity Raises Eyebrows
Ethereum co-founder Vitalik Buterin has made significant transfers of ETH, including a recent transfer of 500 ETH valued at over $1 million to Coinbase. This activity has sparked speculation about his crypto holdings.
Hot Take: Ethereum’s Growing Conviction and Potential
The rise of long-term Ethereum holders reflects a growing conviction in the cryptocurrency’s potential. With predictions of outperforming Bitcoin in the future, optimistic forecasts from JPMorgan analysts, and the upcoming EIP-4844 upgrade, Ethereum’s prospects are looking bright. Despite recent transfers by Vitalik Buterin, the overall sentiment suggests an impending rally for ETH. As a crypto reader, you may want to keep a close eye on Ethereum as it continues to make waves in the market.
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