Unlike Bitcoin, Ethereum’s ATH Was Driven by Relatively Small Demand – Analyst
Unlike bitcoin (BTC), ethereum (ETH)s recent all-time high (ATH) was driven by a smaller prior demand, according to an analyst.
This week’s all-time high ethereum price of [USD] 2,151 was some way above a large level of support, and suggests that the peak was driven by a relatively small amount of demand. This is in contrast to bitcoin, which had greater prior demand across high price levels, Philip Gradwell, Chief Economist at US-based blockchain analysis company Chainalysis, said in his Market Intel report this week.
He analyzed the cost of acquisition across the ethereum supply – the ETH 115m held by 1,525 groups of entities. Per Gradwell, this data shows how much is held by those willing to buy and hold at least at their cost of acquisition, which then shows how much prior demand there has been at different price levels, indicating the support for each price level.
After looking at the USD cost of acquisition of ETH held on April 5, the Chief Economist found that a very large amount of this cryptoasset is held by entities that acquired it at around USD 1,800.