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.”

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.”

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.

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Featured Image: Shutterstock/Sergey Nivens

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