- Ethereum’s supply on crypto exchanges, as a percentage of its total supply, hits a new all-time low, indicating a possible decrease in sell-off pressure.
- ETH’s average transaction fees have dropped to levels last observed before the altcoin’s 2023 price peak, rendering them appealing to users.
Renowned crypto market analytics company, Santiment, highlights a couple of encouraging on-chain indicators for Ethereum (ETH) as the leading altcoin shows signs of recovery in the market. Ethereum’s exchange supply, in proportion to its total supply, has reached a new record low, as per Santiment. This trend suggests that the sell-off pressure on Ethereum could be easing as holders transfer their ETH away from exchanges and into more private holdings.
Adding to the positive vibes, Santiment also observes that Ethereum’s average transaction fees have returned to a favorable range. They have dropped to levels last seen before Ethereum’s climb to its 2023 highs, making the transactions on the platform more appealing for users.
Even though Ethereum’s price has struggled to maintain the $1,900 threshold, the dwindling level of supply on exchanges and the appealing transaction fees represent a promising scenario for Ethereum. At the time of this report, Ethereum is exchanging hands at around $1,880. This price represents a significant recovery, approximately 15%, from its June low of $1,637.
Shifting focus to Bitcoin Cash (BCH), the 20th-largest altcoin as per market capitalization, Santiment remarks on its trending status on social media. BCH received a boost following support from digital asset marketplace EDX Markets, garnering attention from traders. This increased attention arises from the fact that EDX Markets, which launched on June 20th, has backing from financial powerhouses such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.
With EDX Market’s assistance, Bitcoin Cash has recorded an impressive price gain of 79% over four days. The altcoin has experienced a surge in social discussion rates to a three-year high, and its trading volume has comfortably surpassed 2023’s highs.
At the time of this report, Bitcoin Cash is trading at $213.47, representing a nearly 120% surge from its June low of $97.87. This growth signifies the possible impact of social and market support on altcoins’ performance.
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