On-chain indicators are bullish for Bitcoin and ETH

Analytics firm Santiment points to bullish on-chain indicators for the top two digital assets by market cap.

According to Santiment, transaction fees are falling on Ethereum, boding well for the leading smart contract platform.

“Transaction fees are now officially at their lowest level since July 28, 2021. Low fees generally maximize the opportunity for price increases.”

The source: mood

ETH is trading at $3,141 at press time, up 4% in the last 24 hours.

Santiment also noted that the number of daily active bitcoin addresses hit 1.08 million on Saturday, the highest level of the year so far.

According to the platform, this is an indicator with bullish potential.

“The increase in the number of participants doing business on the BTC network bodes well for increasing utility, a harbinger of price increases.”

The source: mood

Bitcoin is trading at $44,027 at the time of writing. The top-rated cryptocurrency by market cap is up more than 1% since last week.

Following last Friday’s price drop, the supply of BTC on exchanges collapsed to 10.87% of total supply, the lowest level since December 2018, according to Santiment.

The analytics firm says the existing supply of discounted exchanges is another potentially positive development for BTC.

“In general, the tendency to continuously move coins away from exchanges limits the risk of large selloffs.”

The source: mood

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