Ethereum Slides But Flips Bitcoin In This Key Metric: Time To Load Up?
05 Septembre 2024 - 7:00AM
NEWSBTC
Ethereum is down nearly 35% from July highs and roughly 40% from
2024 peaks. While there is hope among holders that the coin will
expand, breaking local resistance, the short-term trend favors
sellers. From the daily chart, not only is ETH struggling to gain
momentum and push above $2,800, but sellers have been relentless,
diffusing any attempt higher. As the coin is capped below $2,500 at
press time and actively aligning with the selling pressure of late
August, Santiment analysts have picked out an interesting
development. Ethereum Register More Users Than Bitcoin In a post on
X, the sentiment analysis platform notes that though prices are
down at spot rates, the network is interestingly resilient,
especially looking at user growth metrics. Related Reading: Analyst
Says Litecoin Will Outperform Bitcoin And Large Cap Cryptos With
11,000% Breakout In the last three months, the number of unique
Ethereum addresses has been growing steadily, outpacing those of
Bitcoin. However, it still lags the number of USDT addresses over
the same period. To put in the number, as of September 3, Santiment
analysts noted that Bitcoin had 54.18 million unique wallets, down
0.1% in three months. At the same period, Ethereum boasted of more
than 126.96 million addresses, up 3.3%. The rise in the number of
new users in Ethereum signals confidence in the network and even
possible rising adoption despite challenging market conditions.
Meanwhile, USDT, the fiat-pegged stablecoin, had 5.99 million
addresses, up 4% in three months. Of the three, the rapid growth of
USDT addresses in the last three months could signal overall
apprehensiveness among traders. As crypto prices contract, holders
choose to convert their holdings to USDT, explaining the increase.
Another interpretation of this development is that more new
users are keen to explore crypto. By holding USDT via custodial
wallets or through exchanges like Binance, they will readily splash
on Bitcoin or any other top altcoin whenever the time is
ready. Bitcoin And Ethereum Whale Activity Declining
Even so, while there is growth in the number of users, whale
activity, Santiment analysts observe, has been declining. Of note,
the number of whale transactions has been down since Q1 2024 after
prices peaked. Surging prices, coupled with the approval of spot
Bitcoin ETFs, especially in the United States, revived interest,
explaining expansion in whale activity. Related Reading: Bitcoin
Investors Beware: MVRV Has Given Bear Market Signal Considering the
general contraction of prices, Santiment analysts predict whale
activity to drop. This outlook will only change once there is
volatility spurred by Ethereum or Bitcoin prices ripping above key
liquidation levels in the short to medium term. Feature image from
DALLE, chart from TradingView
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