Key Metrics for Bitcoin, Ethereum, Cardano and XRP Are Flashing Bullish Signals, According to Santiment
Blockchain analytics firm Santiment says Bitcoin and Ethereum are flashing on-chain strength while Cardano and XRP are showing signs of fundamental growth.
Santiment tells its 87,500 Twitter followers that the supply of Bitcoin (BTC) on crypto exchanges has dropped to its lowest level in over two years.
“Bitcoin’s supply on exchanges has dropped substantially in the previous two weeks, and this continues to be an encouraging sign. As traders move more of their funds to cold wallets, this [hold] mentality mitigates the risk of future large selloffs occurring.”
The crypto insights platform is also looking at the addresses that use the Bitcoin network. According to Santiment, a surge in the number of active addresses could signal the start of a bull market.
“Address activity continues to be a very important metric to watch for hints on whether Bitcoin will cross $50,000 or fall below $40,000. Currently, 720,000 to 930,000 addresses use the BTC network daily, and we’re looking for a spike above 1 million as a bull run signal.”
As for Ethereum (ETH), Santiment highlights that whales, or addresses holding 100,000 ETH or more, continue to scoop up and hold the leading smart contract platform.
“Ethereum whale addresses aren’t stopping their accumulation as prices hover above $3,100.
3 years ago to the day, addresses with 100,000+ ETH owned 35.8%. Today, they own 7.9% [more] of the #2 market cap asset’s total supply. There are 1,338 of such addresses.”
Santiment says that Cardano (ADA) leads all large-cap crypto assets in terms of development activity on software repository hosting service GitHub.
According to the crypto analytics firm, Cardano has a daily development activity rate of 74, which is followed by Ethereum’s development rate of 50, and XRP is closing in on Bitcoin’s development rate of 15.
“Development activity rates for crypto’s top assets are showing continued dominance from Cardano, as well as Ethereum rising. Interestingly, [XRP] is closing in on a higher daily GitHub development rate than Bitcoin, which has rarely occurred.”
Santiment is also shining the spotlight on XRP’s development activity, noting that the team behind the sixth-largest crypto asset is submitting the highest GitHub activity rate in its history.
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Author: Daily Hodl Staff
