This Hasn’t Happened to Ethereum (ETH) in 8 Years
TL;DR
- Ether reached $1,850; with exchange supply at a 2015 low and notable whale activity, it grew 13% in a week.
- Bitcoin supply on exchanges dipped to 5.7%, the lowest since 2018, hinting at reduced selling pressure.
- Bitcoin’s surge to $35,000, potentially due to anticipated US SEC approval of a Bitcoin ETF, pushed the total crypto market cap to $1.3 trillion.
Is ETH Poised for a Further Rally?
Ethereum’s native token – Ether (ETH) – has been among the best-performing cryptocurrencies in the most recent market rally. Its price charted a two-month high of approximately $1,850 (per CoinGecko’s data), significantly changing the trends.
According to the behavior analytics platform for digital assets – Santiment, ETH’s supply on exchanges has plunged to 8.41%, representing the lowest level since 2015. In addition, whales’ transactions have been on a rise, showing activity unseen in the last half a year.
#Ethereum has fared well during this market-wide #crypto surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high. https://t.co/yApmiKc7Ib pic.twitter.com/QZRRmt1AET
— Santiment (@santimentfeed) October 24, 2023
The outflow of assets from cryptocurrency marketplaces is usually considered bullish as it could indicate reduced selling pressure from investors. ETH has soared by over 13% in the past week, while some factors, like regulatory developments, could trigger an additional spike.
BTC Supply on Exchanges is Also Going Down
As CryptoPotato reported earlier this month, the situation with the primary cryptocurrency is quite similar. The BTC supply on cryptocurrency exchanges dropped to 5.7%, the lowest level since 2018. In comparison, this figure was almost 6% at the beginning of September.
Bitcoin’s rally, possibly prompted by the indications that the US SEC might soon approve BlackRock’s application to launch a spot BTC ETF in the States, seems to be the main catalyst for the recent market revival.
The leading digital asset hit $35,000 on October 24 (for the first time in 17 months), whereas the global cryptocurrency market capitalization reached $1.3 trillion. Those wishing to see how high BTC can jump (according to some prominent figures) could take a look at our video:
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