Ethereum (ETH) Outperforms Bitcoin (BTC) in This Key Metric

The amount of ethereum owned by long-term hodlers hit a record high of more than 70% in December, according to data from blockchain analytics firm IntoTheBlock.

These committed holders have refrained from selling their ethereum reserve, contributing to the altcoin's new benchmark. The latest ITB data also reveals that ethereum has overtaken bitcoin in terms of the percentage held by long-term holders, with the latter just shy of the 70% mark.

• HODLers, people who hold onto their cryptocurrencies regardless of market volatility or price fluctuations, play a crucial role in maintaining the overall health of any blockchain.
• The increase in ethereum ownership by HODLers indicates a strong belief in the asset's long-term potential, with investors demonstrating patience and conviction despite market uncertainties.
• Despite ethereum's impressive 85% growth in market cap in 2023 and several positive developments such as upgrades, ETF applications and “solid” adoption metrics, it has slightly underperformed compared to other major assets, according to a previous ITB . analysis.
• However, experts are optimistic about the altcoin's price trajectory in 2024.
• Glassnode co-founders Jan Happel and Yann Allemann, for example, have set a target for ethereum, aiming for $2,500, citing “market enthusiasm.” They suggest that a more ambitious push could help ethereum potentially rise to $2,700.
• ethereum's success in 2024 may depend significantly on the level of acceptance it receives from traditional finance (TradFi), according to a recent report from Messari, which suggests that the asset's green image makes it attractive to Wall Street.
• Messari CEO Ryan Selkis even predicted rapid adoption of an ethereum ETF, mirroring the trend seen with bitcoin.

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