The CEO of on-chain analyzer swing trader firm Cryptoquant Ki-Young Ju says in a recent tweet that Etherum could have outperformed Bitcoin (BTC) over a longer period of time.
Another proof that $ ETH is bullish in the long term.
It seems like whales have staked a lot $ ETH to the ETH 2.0 contract before the price increase, again put a ton of ETH on the contract.
These whales seem to think the fair price for $ ETH is over $ 3,000 long term. https://t.co/P8I8xnk0wp
– Ki Young Ju 주기영 (@ki_young_ju) August 18, 2021
Bitcoin is a digital currency and uses peer-to-peer technology that would not work with high-end government agencies or international banking systems and runs entirely on its own efficient organizational structure. On the other hand, Ethereum is a fully open source blockchain technology that was originally released on July 30, 2015; Ethereum coins are often referred to as ethers. In addition, Ethereum has a smaller global market compared to Bitcoin. Surprisingly, Ethereum is growing dramatically as the Ethereum module is a coveted coin in the US and especially in some parts of Europe. As he looked at it, Ki-Young Ju explained his perspective on the ongoing global cryptocurrency market: “Ethereum is immensely closer to an unprecedented all-time high in the global cryptocurrency market.”
The CEO of CryptoQuant also states that whales are staking an increased amount of Ethereum; the existence of whales is pouring out ETH again, which would most likely be an optimistic sign.
“Another proof that ETH is bullish in the long term. It seems that whales, who put a lot of ETH on the ETH 2.0 contract before the price spike, again put a ton of ETH on the contract. These whales seem to think that the fair price for ETH is higher than [$3,000] long-term.”
The report by CryptoQuant shows that more than 5% of the total offer from ETH are involved in the 2.0 stakeout agreement. ETH 2.0 uses a modern proof of work in crypto technology to explain the stake consensus mechanism that allows consumers to wager Ethereum to earn rewards and other exciting things.