The amount of Ethereum (ETH) owned by long-term holders has reached a new high, surpassing 70% since December 1st according to blockchain analytics firm IntoTheBlock.
This metric now exceeds Bitcoin’s (BTC), which has hovered just under 70%, showing conviction in Ethereum’s long-term potential.
Recent predictions have suggested that 2024 could see ETH outperform BTC again, repeating the 2021 cycle where ETH grew 254% versus BTC’s 45% after initially lagging.
Though still behind BTC’s price, analysts feel recent altcoin and L2 performance hints an ETH rally is coming, with ETH up 4.3% over 7 days and 88.6% over 12 months to $2,300.
Yet co-founder Vitalik Buterin recently raised eyebrows transferring 500 ETH worth over $1 million to Coinbase, following September transfers and an October statement he hasn’t “sold Ether for personal gain since 2018.”
Additionally, JPMorgan analysts predict ETH will outpace BTC and other assets by 2024, tied to the major EIP-4844 “protodanksharding” upgrade launching early 2024 to enhance network performance. Though cautiously optimistic on crypto overall, they feel this Ethereum upgrade will drive significant price gains.
Also read: Can Ethereum Outpace Bitcoin in 2024?
