Spot Bitcoin ETF after approval BTC While experiencing a sell-off event, it fell to $41,000.
Afterwards, BTC entered a major consolidation phase, Ethereum (ETH) led by altcoins It separated from BTC by making upward movements.
On-chain data provider assessing this situation in Bitcoin and Ethereum centimeternoted that Ethereum’s price dominance has experienced a significant increase against Bitcoin.
According to data ETHPointing out that ‘s price dominance increased by +22.4% last week, Santiment stated that 89.4 thousand new ETH addresses were created per day during this period.
Stating that this situation is an indicator of increasing interest in ETH, Santiment said that a surprising 96.3 thousand wallets were created, especially yesterday.
Finally, drawing attention to the decreasing supply of ETH on the exchanges, Santiment revealed that the supply is approaching its all-time low of 8.05% and is in a downward trend.
EthereumStating that ‘s increasing dominance over Bitcoin and the significant on-chain data mentioned indicate positive trends for ETH, Santiment said:
“Ethereum’s price dominance continues to increase against Bitcoin, currently up +22.4% in a week.
In addition, in this process, 89.4 thousand new ETH addresses were created per day and especially 96.3 thousand wallets were created yesterday.
Additionally, the supply of ETH, the 2nd largest cryptocurrency in the market, on exchanges is approaching its all-time low of 8.05%.
“The shift to self-custody and staking in ETH reduces supply on exchanges as well as meaning there is less risk of an impending selloff.”
of Santiment BTC-ETH evaluation and shared data, etheruem and it is considered as a positive signal for its price.
📈 #Ethereum‘s price dominance continues to surge against #Bitcoin‘s, now +22.4% in a week. During this stretch, there have been 89.4K new $ETH addresses created per day, and 96.3K wallets just yesterday. Additionally, the 2nd largest market cap asset’s supply on
(Cont) 👇 pic.twitter.com/9nHCl6PJPy
— Santiment (@santimentfeed) January 16, 2024
*This is not investment advice.
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