Ethereum (ETH) outperformed Bitcoin (BTC) in this key metric

According to data from blockchain analytics firm IntoTheBlock, the amount of Ethereum owned by long-term hodlers hit a record high of more than 70% in December.

These committed holders refrained from selling their Ethereum holdings, contributing to the altcoin's new benchmark. The latest ITB data shows that Ethereum has surpassed Bitcoin in terms of the percentage held by long-term holders.

HODLers, individuals who hold their crypto regardless of market volatility or price fluctuations, play a critical role in maintaining the overall health of any blockchain. An increase in Ethereum ownership by HODLers shows a strong belief in the asset's long-term potential, with investors showing patience and faith despite market uncertainty. Despite an impressive 85 percent growth in Ethereum's market capitalization by 2023 and various positive developments such as upgrades, ETF applications, and “strong” adoption metrics, according to previous ITB analysis, it has underperformed other major assets. However, experts are optimistic about the altcoin price growth in 2024. Glassnode co-founders Jan Happel and Yann Allemann, on the one hand, have targeted Ethereum, targeting $2,500, citing “market enthusiasm”. They suggest that a more ambitious push could see Ethereum rise to $2,700. In the year Ethereum's success in 2024 may depend heavily on the level of acceptance it receives from traditional finance (TradFi), according to a recent report by Messari, the asset's environmentally friendly image makes it attractive to Wall Street. Messari CEO Ryan Selkis even predicted rapid adoption of Ethereum ETFs, mirroring the trend seen in Bitcoin.