Santiment is a popular crypto analytics service that broadcasts important market trends and upgrades on social media platforms. In a recent tweet, the enterprise reported that a significant amount of whale activity was detected on the Ethereum network. Ethereum was able to register a new ATH of $3,542 earlier this week. However, the silver cryptocurrency is currently trading at $3,428 after a mild market-wide correction.
Santiment has included Ethereum alongside Safemoon (SAFE), Dent blockchain (DENT), Coinvest (COIN), and Dogecoin (DOGE) in its list of top trending assets at present. According to the data issued by Santiment, the daily trading volume for Ethereum is up by 112%. The analytics also highlights the massive amount of ETH shedding going on the crypto exchanges. It shows that investors are moving ETH to their private wallets after massive accumulation.
Bitcoin Institutional Interest Keeps Surging Despite Several Drop Price Points in the Last Few Days
Santiment has not excluded Bitcoin from its market impression radar. The analytics firm claims that crypto whales are still circulating around the flagship cryptocurrency despite the meandering price point of the beacon cryptocurrency. As per the data reading published by Santiment, it can be deduced that Bitcoin retains a regular amount of whale traffic. The service has also added that the institutional investors remain unaffected by the latest price drops.
The users of the Sanbase Pro service can witness the encouraging trends on Bitcoin supply distribution charts. Bitcoin whale addresses have been elevated from 1000+ to 2,234. With the emergence of 7 new addresses, the blockchain shows the largest daily active address in 3 weeks. Meanwhile, it is being predicted that if 1.27 million unique addresses registered on the BTC blockchain keep increasing, it could eventually reinstate the gold crypto asset position.
Another crypto analytics service claims that the altcoin season has entered into the finishing stages of phase two and initial stages of phase three. The analyst that tweets with the pseudonym @SecretsofCrypto on Twitter had recently claimed that phase 1 of the altcoin season came to an end when Ethereum started to outperform Bitcoin back and forth.
Altcoin season is a measure of market functions that are triggered by Bitcoin mining halving every four years. A flood of new participants causes the resulting price surges and loss of faith in the crypto markets at the same time. Veteran economist Peter Brandt also criticized Bitcoiners about the laser eyes profile pictures based on the same principles. According to @SecretsofCrypto, phase 2 signifies ETH is consistently outperforming Bitcoin, and phase 3 denotes a large market cap going parabolic.