Wednesday, December 8, 2021

CryptoQuant CEO Gives Reasons Why Ethereum (ETH) Is On the Pace to Hit All-Time High Ahead Of Bitcoin (BTC)

Ki Young Ju, the CEO of an on-chain analytics firm, is of the opinion that Ethereum (ETH), the second-largest cryptocurrency by market cap, has the potential to outperform the flagship crypto, Bitcoin (BTC) over the long term.

Sharing his opinion with his teeming followers on Twitter, Ki-Young Ju stated that Ethereum (ETH) could attain a new all-time high ahead of Bitcoin (BTC).

Read Also: David Gokhshtein Says Ethereum (ETH) Is Poised To Hit $14,000 and Dogecoin (DOGE) To $1

According to the CEO, the digital token ETH is closer to hitting price all-time high compared to BTC, and the higher demand and lower supply is a huge advantage for Ethereum (ETH).

Ki Young Ju tweeted, “ETH might reach its all-time high earlier than BTC in the long term. 1/ Current ETH price is closer to ATH compared to BTC. 2/ Higher demand, lower supply. ETH sell-side liquidity crisis still intensifies, while BTC exchange reserve stopped its downward trend in May.”

Read Also: US-Based Private Investment Firm with $402 Billion Worth of Assets Approves Bitcoin and Ethereum Exposure

Increase in Ethereum (ETH) Staking

Ki Young Ju further stated that the fact that Ethereum whales continue to stake the digital token ETH is another evidence that the cryptocurrency is bullish in the long term.

He added that relatively 6% of Ethereum (ETH) total supply is staked in the Ethereum 2.0 deposit contract, which is a rare advantage.

Read Also: Analyst: If March 2020 Fractal Holds, Ethereum (ETH) Could Hit $14,000 In 2021

Ki Young Ju wrote, “Another evidence that ETH is bullish in the long term. It seems whales who staked a lot of ETH to the ETH 2.0 contract before the price surge, staked a ton of ETH to the contract again. These whales seem to think the fair price for ETH is higher than $3k in the long term.”


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Tobi Loba
Tobi Loba is a passionate writer with over 3 million readers from all over the world. She graduated from a reputable university. She joined the crypto ecosystem about two years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects.

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