In a recent tweet, the CEO of on-chain analyzer swing trader firm Cryptoquant Ki-Young Ju says that Ethereum could have outstripped Bitcoin (BTC) over an enduring term.
Bitcoin is a digital currency and uses peer-to-peer technology that wouldn’t operate with high-end authority or an international banking system, wholly running on its very own efficient organizational structure. On the other hand, Ethereum is an entirely open-source blockchain technology initially released on 30th July 2015; the Ethereum coin is often called ether. Furthermore, Ethereum has a smaller global market compared to bitcoin. Surprisingly, Ethereum has grown drastically since the module of Ethereum is a sought-after coin in the USA and some parts of Europe. While dealing with this, Ki-Young Ju elaborated his perspective over the ongoing cryptocurrency global market, “Ethereum is immensely closer to an unparalleled all-time high in the cryptocurrency global market.”
The CEO of CryptoQuant also states that whales have been staking an increased amount of Ethereum; the existence of whales is depositing ETH again, which would most probably be an optimistic sign.
“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 [$3,000] in the long term.”
From the report of CryptoQuant, more than 5% of ETH’s total supply is staked in the 2.0 staking contract. ETH 2.0 uses a modern crypto technology proof of work to explain the stake consensus mechanism, allowing consumers to stake Ethereum to earn rewards and other exciting things.