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ETH Outpaces BTC in Long-Term Holder Retention Throughout 2024: ITB
The crypto market has witnessed a significant shift in investor behavior, with Ethereum (ETH) outpacing Bitcoin (BTC) in long-term holder retention throughout 2024. According to recent data from IntoTheBlock, ETH has successfully surpassed its counterpart in retaining investors for extended periods.
Despite not hitting an all-time high, Ethereum’s developments have garnered momentum this year. The approval of spot Ether ETFs and the Dencun upgrade, which introduced proto-danksharding that enhances Layer 2 solutions, have contributed to this growth. These advancements have positioned ETH as a strong contender in the DeFi space.
In contrast, Bitcoin has struggled to maintain its long-term holder retention rate throughout 2024. The Crypto Fear & Greed Index, which measures market sentiment, saw a notable drop to 65 on December 30, the lowest level since October 15. This decrease in sentiment is partly attributed to the cryptocurrency’s more than 12% decline over the past two weeks, culminating in a price of $93,000.
Notably, Bitcoin has re-entered its accumulation zone, and some investors are predicting a potential buildup phase ahead of significant price action. While long-term holder retention trends could be indicative of market direction, one expert believes a brief period of consolidation is necessary before a breakout. The author foresees a remarkable rally in the first quarter of 2025, with a target price of $131,500 or higher.
It appears that Ethereum’s progress has resulted in a shift in investor sentiment towards ETH over BTC.
Source: cryptopotato.com
