Home Crypto Ethereum Outpacing Bitcoin to New Record High, According to CryptoQuant CEO

Ethereum Outpacing Bitcoin to New Record High, According to CryptoQuant CEO

The CEO of on-chain evaluation agency CryptoQuant, Ki Young Ju, thinks that Ethereum (ETH) might outperform Bitcoin (BTC) over the long run.

Ki Young Ju tells his 239,700 followers that Ethereum might hit a brand new report excessive earlier than Bitcoin does. Part of the CEO’s reasoning is that Ethereum is nearer to its all-time excessive (ATH) relative to the flagship cryptocurrency.

“ETH may attain its all-time excessive sooner than BTC in the long run. Current ETH worth is nearer to ATH in contrast to BTC.”

Ki Young Ju additionally says that Ethereum is experiencing a provide shock and that Bitcoin’s alternate outflows have slowed, probably signaling that bullish sentiment has cooled off.

“Higher demand, decrease provide. ETH sell-side liquidity disaster nonetheless intensifies, whereas BTC alternate reserve stopped its downward pattern in May.”

Image
Source: Ki Young Ju/Twitter

The CryptoQuant CEO additionally says that whales are staking an rising quantity of Ethereum, which could possibly be one other bullish signal.

“Another proof that ETH is bullish in the long run. It appears whales who staked quite a lot of ETH to the ETH 2.0 contract earlier than the worth surge, staked a ton of ETH to the contract once more. These whales appear to suppose the honest worth for ETH is larger than [$3,000] in the long run.”

According to CryptoQuant, greater than 5% of ETH’s whole provide is staked within the Ethereum 2.0 staking contract.

“5.84% out of the overall ETH provide is staked within the ETH 2.0 contract.”

Image
Source: CryptoQuant/Twitter

ETH 2.0 refers to the transfer from a proof-of-work to a proof-of-stake consensus mechanism, which can enable customers to stake Ethereum so as to validate blocks and earn rewards.

Don’t Miss a Beat – Subscribe to get crypto e-mail alerts delivered straight to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix 

 

Check Latest News Headlines

Disclaimer: Opinions expressed at The Daily Hodl are usually not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses chances are you’ll incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please be aware that The Daily Hodl participates in internet affiliate marketing.

Featured Image: Shutterstock/Sergey Nivens

RELATED ARTICLES
- Advertisment -

Most Popular