Ethereum Is Gaining Momentum: ETH Profitability Could Increase By 12-17%
The stable prevalence of bullish impulses over the past week has a positive effect on the market condition of Ethereum. The race for profitability between Bitcoin and Ethereum continues, the distance between them was periodically reduced in April. The upcoming launch of Ethereum 2.0 could dramatically change the market paradigm in the crypto industry. This was stated by cryptanalyst Adam Cochran.
Cochran got the idea to find out how much Ethereum is in the hands of whales, private individuals, what manipulations are taking place on exchanges. To do this, he manually conducted a large-scale audit of 10,000 Ethereum wallets. He divided the results of the study into 32 separate sections related to one or another aspect of Ethereum’s market behavior.
Cochran concluded that a key part of Ethereum’s volume is in large smart contracts. He also compared the level of concentration of Ethereum and Bitcoin in individual large wallets, on exchanges and in the ownership of individual holders and realized that their distribution is at almost the same level. In the top 10,000 wallets, the ETH / BTC distribution is 56-57%, respectively.
New whales buy Ethereum
Cochran also calculated manually how many Ethereum wallets are incapacitated. He determined that more than 6 million ETH are lost. Thus, 9% of ETH is unavailable, so the reward for ETH should be rated higher in the future. Cochran is confident that with an initial investment in ETH, the return can be 12-17%. In his opinion, the upcoming launch of Ethereum 2.0 will also be a driver for a sharp price movement.
Cochran believes that Ethereum has a good chance to increase in 2020. This is evidenced by an increase in Ethereum’s interest among large investors, as well as an increase in the trading activity of ETH on exchanges. In particular, an increase in the purchase of ETH with new whales was recorded: for six months they bought ETH worth more than $650 million.