Cryptocurrency

Data Speaks: What’s Happening in Bitcoin and Ethereum Markets?

Leading crypto analytics firm Santiment assesses the status of Bitcoin (BTC) and Ethereum (ETH). Santiment has valuable implications. Let’s examine the company’s predictions together…

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Santiment: Ethereum holders are making history! Stock market supply is falling

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The Ethereum benchmark held by crypto exchanges is currently at its lowest level in more than two and a half years, according to analysis company Santiment. Santiment adds the following to his explanations on the subject:

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Ethereum holders continued to make history by cutting the percentage of ETH held on exchanges to the lowest since November 2018.

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Source: Santiment

Santiment: This is a bullish sign for the leading altcoin Ethereum

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The crypto analytics firm argues that the decline in these metrics is a bullish sign for the second largest cryptocurrency. Santiment adds the following to his explanations on the matter:

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Falling below 18% for the first time in 31 months reduces the risk of a big sale in the future.

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Santiment: Funds moving away from exchanges reduce risk of big sales

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Santiment says that Bitcoin has witnessed a similar situation, albeit in a shorter time frame. Santiment adds the following to his explanations on the subject:

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After Bitcoin’s mid-May crash, the supply of BTC sitting on exchanges has dropped steadily and is locked up for protection by HODLers (wait for life). This is a favorable sign for the bulls, as funds moving away from the exchanges reduce the risk of big selling.

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Source: Santiment

Santiment: ETH whales are increasing and accumulating rapidly!

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Santiment says that the size of Ethereum in the hands of large investors has recently reached its highest level in about four years. Santiment adds the following to his explanations on the subject:

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Our whale watching data shows that the ETH whale address holding more than 10,000 coins has held 70% or more of the supply for the first time since September 2017.

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Source: Santiment

Santiment: ETH surpasses Bitcoin in this metric!

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In addition, Santiment says that this week, Ethereum’s address activity has surpassed Bitcoin for the first time as the price has recovered from the levels recorded in March. Santiment adds the following to his explanations on the subject:

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For the first time in crypto history, ETH address activity is above BTC address activity as prices have risen above $2,100.

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Source: Santiment

Santiment: Altcoins are seeing a resurgence because of these metrics

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According to the crypto analysis firm, the increase in Ethereum address activity caused a noticeable revival in altcoin prices. Santiment adds the following to his comments on the bet:

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Altcoins have experienced quite a surge in the last 36 hours. Much of this can be attributed to address activity information showing that ETH is outpacing BTC.

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Cryptocoin. com, for more crypto news “The Oracle of Ripple: XRP, BTC and 2 Altcoins Going to These Levels!” You can review our article.

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