Tesla CEO, Elon Musk turns 50 today, and Bitcoin price seems to want to wish him a happy birthday. After plunging to lows of $30,173 on June 25, Bitcoin is having a good start to the week as prices reached intraday highs of $35,301 during Monday’s trading. The second-largest cryptocurrency, Ethereum (ETH) seems to be having a blast, up by 16.83% in the last 24 hours to trade at $2,125 as of press time.
The Altcoin market has picked up significantly with tokens such as Bitcoin Cash (BCH, +11.03%), Solana (SOL, +11.56%), Chainlink (LINK, +13.29%), Internet Computer (ICP, +22.43%), VeChain (VET, +10.82%), AAVE (+21.53%), Bitcoin SV (BSV, +20.29%), Kusama (KSM, +31.32%), Compound (COMP, +30.66%), ThorChain (RUNE, +21.78%) posting double digit gains.
June 28 sees Elon Musk throwing his support behind a proposal that would substantially reduce minimum transaction fees on Dogecoin’s network. Dogecoin dev, Ross Nicoll had tweeted “The Dogecoin fee change proposal is up!” to which Musk replied, “Important to support”. Bitcoin was trading at $34,378 as of press time.
Ethereum’s price rallied to highs of $2,143 on June 28 following the rebound-off lows of $1,717 on June 26. Ethereum’s rebound comes a day after it had its largest options expiry in 2021 with $1.5 billion worth of open interest settled. Notably, Ethereum had rallied 56% after March’s options expiry, reaching $2,500 within three weeks.
Ethereum ($ETH) Active Addresses, Courtesy: SantimentOn-chain analytics, Santiment indicated that as Ethereum price soared to highs of $2,143 on June 23, a historic moment was made. The analytics firm indicated that for the first time in crypto history, Ethereum address activity surpassed Bitcoin’s address activity. It states:
Following up on yesterday’s report on #Ethereum #FUD and the Buy opportunity we saw, today has marked a historic day — For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100.
Notably, Ethereum has also gained ground against Bitcoin in the last 24 hours, rallying nearly 8% from key support in its BTC pairing.
However, the sentiment remains mixed for Ethereum as the market seems to have entered a wait-and-see phase. On-chain analytics Santiment noted a predominant neutral to bullish sentiment for the second-largest cryptocurrency while highlighting its deductions based on historical reasonings:
First, an average MVRV (30d) of -16.9% implies a less risky opportunity to buy than normal. Second, there was a pretty large uptick in active deposits a few days ago, but more or less, non-active addresses vs. active deposits are about even with one another. Third, the crowd sentiment toward Ethereum is historically low now, a great potential opportunity to buy against the masses.
Then lastly, Ethereum fees have reached bottom lows since December 2020, clearly allowing more flexibility for users to move assets. On the other hand, bearish signs include increasing supply on exchanges and a declining NVT Token circulation.
Image Credit: Santiment, Shutterstock
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