Leading research firm Santiment says a key metric shows a bullish signal for Ethereum (ETH) amid an ongoing crypto bear market. According to Santiment, Ethereum is showing signs of a major rally following a spike in activity on the -chain metric, which tracks the number of different ETH addresses that participated in a transfer on any given day. “Active Ethereum addresses surged to their highest level in more than six weeks yesterday, which probably impacted today’s price increase.” Addresses last touched this level on October 15, and over the subsequent three weeks, the price of Ethereum ETH increased by 30%.
Santiment also says that the number of whales and sharks of Ethereum, or companies holding between 100 and 100,000 ETH, has been increasing since FTX’s high-profile implosion in early November. Since the FTX fiasco in early November, there has been an increase in the number of Ethereum’s key major addresses. Pictured are key moments of shark and whale directions piling up and shedding.
As of this writing, Ethereum is changing hands at $1,288. Santiment also keeps an eye on Bitcoin’s (BTC) social dominance, which tracks engagement in media discussions about the crypto king’s digital assets. On firm evidence, BTC’s social dominance is currently subpar, suggesting that recent strength in broader crypto markets is unlikely to be sustainable. As traders seem uninterested in the top cryptocurrency, Bitcoin’s social dominance remains low, while altcoins have seen more movement over the past two weeks. One of the main reasons for ALL prices to rise is the high social dominance of BTC.