Crypto on-chain analytics firm Santiment has announced that while not Shiba Inu (SHIB), leading crypto Bitcoin (BTC) and leading altcoin Ethereum (ETH) are seeing new highs in 2022 in terms of active addresses, one of the key indicators for crypto assets. According to the analytics firm, this could herald a big leap forward. For details cryptocoin.com keep reading.
Not SHIB, leading altcoin poised for big leap
As it is known, the most criticized issue of Ethereum and making its competitors advantageous against it was the burning transaction fees. However, there is a new development in the leading altcoin. According to on-chain analytics firm Santiment, Ethereum transaction fees are falling, which is a pretty good sign for the leading smart contract platform:
Transaction fees are now officially at their lowest since July 28, 2021. Low fees often maximize the likelihood of a bounce.
According to the data of CoinMarketCap, the leading altcoin, which has dived below $ 3,000 recently, it has risen above this level again and was trading at $ 3,118.93 with a gain of 6.40% in the last 24 hours at the time of writing.
Indicators are positive for Bitcoin, according to Santiment
Santiment also announced on Saturday that the number of daily active Bitcoin (BTC) addresses hit 1.08 million, the highest level of the year so far. According to the crypto analytics firm, this is potentially a bullish sign:
The increase in users transacting on the Bitcoin network is a good sign of increased utility and a precursor to price increases.
At the time of writing, Bitcoin price has soared by 3.98% in the past 24 hours to $44,275.81. The crypto asset, which is in the leading position by market cap, is currently in the gain zone of about 2% compared to its price 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 on-chain analytics firm says the current drop in supply on crypto exchanges is another potential positive development for BTC.
Overall, this constant trend of cryptocurrencies moving from exchanges limits the risk of big selling.
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