crypto analytics firm centimentannounced that it is seeing bullish indicators on-chain for the top two cryptoassets by market cap. According to Santiment, while Ethereum (ETH) transaction fees are falling, things seem to be improving for the leading smart contract platform.
“Ethereum (ETH) Transaction fees are now officially at their lowest since July 28, 2021. Lower fees are often a significant improvement, maximizing the likelihood of a bounce.”
At the time of writing, Ethereum is trading at $3013, down about 4.6% in the past seven days.
Santiment is also active daily on Saturday Bitcoin (BTC) He also announced that the number of addresses has reached 1.08 million, the highest level of the year so far. According to Santiment, this increase could also potentially be a bullish indicator.
“The increase in participants trading on the BTC network is a good sign of increased utility, it could be a precursor to price increases.”
Bitcoin is trading at $43,463 at the time of writing. The strongest ranked crypto asset by market cap is trading around 1.5% lower from where it was priced a week ago.
After several price drops last Friday, BTC’s supply on exchanges has slumped to 10.87% of its total supply, which is the lowest point since December 2018, according to Santiment. The analytics firm considers the current drop in supply on crypto exchanges to be another potential positive development for BTC.
“Overall, this continued trend of cryptocurrencies moving from exchanges is limiting the risk of massive selling.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.