Hey there, crypto enthusiasts! We've got an exciting update from the digital currency world that’s bound to get you thinking. Ethereum is making waves, and its holders are showing some serious loyalty, outshining Bitcoin in the long-term commitment game.
Imagine this: a whopping 74.7% of Ethereum addresses are held by folks who are in it for the long haul. That's a big leap ahead of Bitcoin's 60% club. This trend isn't just a blip on the radar – data from IntoTheBlock suggests it's here to stay, reflecting a growing confidence in Ethereum's future. Who wouldn't want to be riding that wave until ETH hits its next big high, right?
Looking back, it's clear that the love for Ethereum has been on the rise throughout 2024. It went from 59% at the start of the year and soared to 75% by the end. Meanwhile, Bitcoin holders have been a bit more fickle, dropping from about 70% to 62%.
On the Bitcoin front, it’s been a bit of a roller coaster. Prices dipped below $92,000, but have since climbed back to a better spot above $94,000. However, the demand within the derivatives market, known as the Funding Rate, hasn’t quite picked up the pace. For those prices to really take off, we need to see some serious demand reflected in these rates. The recent rally saw a mid-flight spike in demand, but it wasn’t enough to keep it flying high.
And oh boy, when Bitcoin hit that $108,000 ceiling and got turned away, the Funding Rates took a nosedive, signaling a less-than-enthusiastic market vibe. If Bitcoin can’t keep its head above the crucial $90,000 mark, we might see more selling and deeper dips.
Switching gears to Ethereum again, crypto guru Ali Martinez has spotted something interesting. ETH seems to be cruising along an ascending parallel channel. If it hits a speed bump and dips to around $2,800, this could be a golden opportunity for a rebound that shoots it up to a jaw-dropping $6,000!
So, keep your eyes peeled and your wallets ready. The crypto world is full of surprises, and who knows what’s next on this wild ride? Stay tuned!
