• Investors at large were accumulating ETH while its price remained low.
• Though confidence was high, market indicators remained bearish on ETH. 

As we bid adieu to 2023, Ethereum [ETH], the king of altcoins, made remarkable moves in a bid to outshine the king of cryptos, Bitcoin [BTC].

A recent development signified increased confidence among investors in ETH at a time when Bitcoin awaits a major event. Does this mean that Ethereum will earn investors profits in 2024?

Long-term holders are confident in Ethereum

As per the latest tweet from IntoTheBlock, Ethereum recently flipped Bitcoin in a key metric. To be precise, Ethereum’s total number of long-term holders [LTHs] surpassed that of Bitcoin for the second time ever.

This reflected investors’ faith in ETH, showing that they expected the altcoin to surge in the coming year.

2023 Review! This year, the percent of long-term $ETH holders surpassed that of Bitcoin for the second time ever! pic.twitter.com/i6kDzAjzgM

— IntoTheBlock (@intotheblock) December 30, 2023

It was interesting to note that while ETH overtook Bitcoin in terms of LTHs, the average holding time of Bitcoin was around four years, while Cardano’s [ADA] was less than a year, as Go to Source to See Full Article
Author: Dipayan Mitra

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