• Ethereum (ETH) is flashing a couple of bullish on-chain readings as the top altcoin bounces.
• The analytics firm Santiment notes that Ethereum’s supply on crypto exchanges as a percentage of its total supply just hit a fresh all-time low.
• Bitcoin Cash (BCH) has been trending on social media after receiving support from the digital asset marketplace EDX Markets.
Ethereum On-Chain Signals Flashing Bullish
A leading crypto market analytics firm says Ethereum (ETH) is flashing a couple of bullish on-chain readings as the top altcoin bounces. At time of writing, ETH is trading for $1,880, a nearly 15% increase from its June low of $1,637.
Supply Lowest On Crypto Exchanges
Santiment notes that Ethereum’s supply on crypto exchanges as a percentage of its total supply just hit a fresh all-time low, indicating that sell-off pressure on the leading altcoin may be limited as market participants move their ETH stacks away from the open market. The analytics firm also says that ETH’s average transaction fees now look attractive after falling to a level last witnessed before Ethereum’s ascent to its 2023 highs.
Bitcoin Cash Trending High
Looking at Bitcoin (BTC) hard fork Bitcoin Cash (BCH), Santiment says that the 20th-largest altcoin by market cap has been trending on social media after receiving support from the digital asset marketplace EDX Markets. Traders are keeping a close watch on EDX Markets because it received a round of funding from financial heavyweights Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial. At time of writing, BCH is worth $213.47, up nearly 120% from its June low of $97.87.
EDX Market Support
With the assistance of EDX Markets launched on June 20th , BitcoinCash has been the biggest beneficiary with an impressive 79% price gain in four days . Notably , BCH has seen a three-year high in social discussion rates and volume has easily eclipsed 2023 highs .
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