New data from on-chain analytics platform Santiment shows that an important turning point has come for Ethereum (ETH) rival Cardano. is showing. Santiment shared interesting details, stating that long-time ADA holders suddenly started moving the largest amount of tokens in over a year.
The platform also found that deep-pocketed Cardano holders had accumulated approximately 44 million ADA tokens worth approximately $12.67 million in just two weeks.
The platform also says Ethereum’s upward momentum is strengthening based on fundamental indicators, including a decline in supply held on crypto exchanges.
The supply of ETH on exchanges has decreased modestly as the price has risen, indicating that investors have increased confidence and are buying to hold.
ETH’s social dominance continues to increase as the price moves upwards, but it still remains lower than the previous peak, which may indicate it may have some room to go before things cool off. The excitement is definitely building.