The crypto market looks great today, with the most important coins trading in the green.
There are various optimistic predictions about the prices of some coins, and we’ll be addressing some digital assets that show bullish signals below.
4 cryptos show bullish signals
Blockchain analytics firm Santiment reveals the fact that some digital assets are showing signs of fundamental growth.
Santiment said that the supply of Bitcoin (BTC) on crypto exchanges has dropped to its lowest level in over two years.
“Bitcoin’s supply on exchanges has dropped substantially in the previous two weeks, and this continues to be an encouraging sign. As traders move more of their funds to cold wallets, this [hold] mentality mitigates the risk of future large selloffs occurring.”
The firm also notes that a surge in the number of active addresses could signal the start of a bull market.
“Address activity continues to be a very important metric to watch for hints on whether Bitcoin will cross $50,000 or fall below $40,000. Currently, 720,000 to 930,000 addresses use the BTC network daily, and we’re looking for a spike above 1 million as a bull run signal.”
Regarding ETH, Santiment highlights that whales, or addresses holding 100,000 ETH or more, continue to accumulate and hold ETH.
“Ethereum whale addresses aren’t stopping their accumulation as prices hover above $3,100,” the firm says.
It continues and notes: “3 years ago to the day, addresses with 100,000+ ETH owned 35.8%. Today, they own 7.9% [more] of the #2 market cap asset’s total supply. There are 1,338 of such addresses.”
Santiment also has a few words to drop about Cardano and Ripple’s XRP:
“Development activity rates for crypto’s top assets are showing continued dominance from Cardano, as well as Ethereum rising. Interestingly, [XRP] is closing in on a higher daily GitHub development rate than Bitcoin, which has rarely occurred.”
Stay tuned for more news, and keep your eyes on the markets.