Ethereum Causing Altcoin Rally? 🤔
Ethereum's staking ratio would rise to 60% once Shanghai is complete.
The amount of the world’s second-largest cryptocurrency by market capitalization, Ethereum ($ETH), being held on cryptocurrency trading platforms has hit its lowest point since 2015, as nearly 90% of circulating ETH is being held by entities controlling their own wallets. XRP’s surge comes as optimism builds that fintech payments company Ripple, the cryptocurrency and XRP Ledger’s creator, will win an ongoing lawsuit against the US Securities and Exchange Commission (SEC).
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Bitcoin Crosses $29k
https://bitcoinist.com/bitcoin-reclaims-28000/
Data from Coinglass shows that in the last seven days, over 23,542 BTC flowed out of exchanges. At current prices, this comes out to approximately $660 million in BTC that have left the balances of centralized exchanges.
A good number of this outflow has taken place in the last couple of days. On Tuesday, Binance alone saw around 4,750 BTC withdrawn in the space of 24 hours as investors moved to self-custody their coins due to fears of a possible collapse.
Can ETH Overtake Bitcoin?
ETH's indicators continue to suggest that the coin's current rally still has some gas left in the tank, even if it has been rising steadily for much of the year (so far).
In a research note published in February, predicted that Ethereum's staking ratio would rise to 60% once Shanghai is complete.
If true, this would mean that around 60% of ETH's circulating supply would be locked up via staking, and in turn, this would increase buying pressure on the coin's price.