“Ethereum bull run really starts now!”
Ki Young Ju, the founder of the blockchain analysis platform Cryptoquant, shared very important data about the current Ethereum bull run..
Will Ethereum bull run continue?
It continues to rise without a break today! The largest altcoin, which has appreciated by approximately 450% since the beginning of the year, has made another $4,208 ATH today! Well
According to Ki Young Ju, CEO and founder of blockchain analytics platform Cryptoquant, the current peak is very different from the 2018 peak! According to him, the Ethereum bull run is just getting started!
Ki Young Ju shared important data on Twitter that reveals the difference between the current rally and the early 2018 bull run.
The new peak of Ethereum why is it different from the top in 2018?
“Ethereum exits from exchanges are increasing!”
Ki Young Ju draws attention to two processes that dominate the current Ethereum markets. First of all, ETH outflows from all major exchanges are increasing day by day.. In other words, Ethereum investors are transferring their funds to cold wallets to keep them long-term.
At the same time, ETH inflows to central platforms began to decline.. As a result, the amount of ETH that can be sold on exchanges has also decreased.
The analyst sees these exits as a strong bullish signal for the cryptocurrency.. Hence, Ethereum positions are also gaining strength due to solid foundations:
“Increasing stock market pulls show that the Ethereum ecosystem is growing and people are hodling without selling.”
“Ethereum markets haven’t peaked yet!”
Ethereum (ETH) rallied today (on May 10, 2021) above $4,100, hitting an all-time high of $4,190.
Ki Young Ju notes that the current situation looks quite different compared to January 2018. Because the data shows that the selling pressure is significantly weaker today than it was 40 months ago.
As the footsteps of the altcoin season are heard; Ethereum rally could gain further momentum with two powerful updates.
- Ethereum 2.0
- Ethereum EIP-1559 implementation
Ethereum 2.0 is the (PoS) version of the Ethereum (ETH) protocol. It will break up the entire Ethereum (ETH) network into a system of interconnected parts and replace mining, a fundamental mechanism of blockchain security, with a staking system.
There is a clearly growing trend since the launch of the Ethereum staking contract.. In this vein, the Ethereum community is considering staking more and more Ethereum as we approach the ETH2 release.
(Minimum stake rate in Ethereum 2.0 is 32 ETH.. Therefore, to become a validator, stakers must lock a minimum of 32 ETH into contracts.)
ETH 2.0 upgrade will bring many innovations to the network, including the transition to Proof-of-Stake consensus. Also, after the full transition to ETH 2.0, the network is expected to process 100,000 transactions per second.
Finally; EIP-1559 implementation expected to start operating in July 2021. This app will turn Ether into a deflationary asset with a dynamic fee system and periodic destruction of fees.
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