TL;DR
- Ether reached $1,850; With the currency supply at its lowest level in 2015 and notable whale activity, it grew 13% in one week.
- bitcoin supply on exchanges fell to 5.7%, the lowest level since 2018, suggesting a reduction in selling pressure.
- bitcoin‘s rise to $35,000, potentially due to the early approval of a bitcoin ETF by the US SEC, raised the total crypto market capitalization to $1.3 trillion.
Is eth Poised for Further Rally?
ethereum‘s native token Ether (eth) has been among the best-performing cryptocurrencies in the latest market rally. Its price hit a two-month high of about $1,850 (according to CoinGecko data), significantly changing trends.
According to behavioral analytics platform for digital assets Santiment, the supply of eth on exchanges has plummeted to 8.41%, representing the lowest level since 2015. Additionally, whale transactions have increased, showing a activity not seen in the last half year. .
ethereum?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#ethereum has done well during this market crypto?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#crypto increase. Prices crossed $1,850 for the first time since August 15, and the now 8.41% $eth The offer on the stock markets is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high. https://t.co/yApmiKc7Ib pic.twitter.com/QZRRmt1AET
– Sentiment (@santimentfeed) October 24, 2023
The outflow of assets from cryptocurrency markets is often considered bullish as it could indicate a reduction in selling pressure from investors. eth has soared more than 13% in the past week, while some factors such as regulatory developments could trigger a further rise.
btc supply on exchanges is also decreasing
As CryptoPotato reported At the beginning of this month, the situation with the main cryptocurrency is quite similar. btc supply on cryptocurrency exchanges fell to 5.7%, the lowest level since 2018. In comparison, this figure was almost 6% at the beginning of September.
bitcoin‘s rally, possibly fueled by signs that the US SEC could soon approve BlackRock’s application to launch a spot btc ETF in the United States, appears to be the main catalyst for the recent market revival.
The leading digital asset reached $35,000 on October 24 (for the first time in 17 months), while the global cryptocurrency market capitalization reached $1.3 trillion. Those who want to see how high btc can jump (according to some prominent figures) can watch our video:
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