Ethereum and This Top-25 Altcoin Are Flashing Bullish Signals, According to Crypto Analytics Firm Santiment
A leading analytics firm says the utility of Ethereum (ETH) hasn’t dipped despite its price plummet over the past few months.
Santiment notes in a new tweet that ETH’s number of daily active addresses (DAA) has remained steady over the past four months despite losing approximately 35% in price over the same period.
According to the crypto analytics firm, the disparity between Ethereum’s DAA and price has created a bullish divergence for the leading smart contract platform.
Ethereum is trading at $2,769.18 at time of writing, up nearly 5% in the past 24 hours.
Ethereum isn’t the only crypto asset flashing potentially bullish metrics. Santiment says that the decentralized oracle network Chainlink (LINK) is in an interesting token circulation pattern.
As the analytics firm explains in a recent Santiment Insights blogpost,
“There were a few times when circulation increased, then dumped, and then price surged. There is a chance we are now in a similar pattern.”
Santiment also notes that since January, the majority of LINK tokens have been moved at a loss, a potential bottom indicator.
LINK is trading at $14.73 at time of writing. The 24th-ranked crypto asset by market cap is up more than 6% in the past 24 hours.
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