How Ethereum HODLers pegged Bitcoin to second place

How Ethereum HODLers pegged Bitcoin to second place

August 31, 2023

By Victor Olanrewaju

Realistic or not, here’s ETH’s market cap in BTC terms

The number of ETH long-term holders surpassed BTC by more than 40 million.

Bitcoin’s inability to offer a plethora of use cases contributed to the switch.

As the top two most valuable cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH] have not had to deal with any strong competition to yank them off the standings. However, there has been a change in the way market participants view both assets.

Bitcoin, being the foremost cryptocurrency, was the asset with the most long-term holders at one point. However, according to a recent infographic by IntoTheBlock, Ethereum has flipped the king coin with an over 40 million difference.

IntoTheBlock noted that Ethereum has 73.9 million long-term holders. Bitcoin, on the other hand, has 33.6 million HODLers. Although both cryptocurrencies registered increases in the metric on a Year-on-Year (YoY) basis, Ethereum led again with a 44.2% increase.

But how has this occurred? Well, there are a number of reasons for the change. And the top of the list has to be the fundamentals, use cases, and developmental trajectories of both projects.