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According to blockchain analysis firm Santiment, Ethereum is showing good signs for HODLers. Despite the market correction over the past two weeks, popular altcoin Ethereum (ETH) is showing a few strong metrics that could be good news for long-term holders of the coin, according to crypto analytics firm Santiment. Santiment also recently ranked a handful of DeFi altcoins based on the level of panic exhibited by the owner communities during the market correction. Cryptocoin. com we are looking at this order.

Ethereum and other altcoin projects

Santiment told his 95,200 Twitter followers that the amount of Ethereum on crypto exchanges has dropped significantly over the past 12 months, with ETH holders expecting higher prices for the leading smart contract platform. The expressions are like this:

Ethereum is back at $3,163. Last year, 1/3 of the ETH supply on exchanges has now been moved. This is a good sign for patient HODLers. September 26, 2020 exchange supply: 24.1%, while on September 26, 2021 exchange supply: 16%. one.

According to analytics firm, Ethereum’s token circulation has also recently soared to its highest levels since the end of June. The increase in token circulation shows that holders are using ETH for a variety of transactions in their ecosystem, such as payments for non-tradable tokens (NFTs) or investments in decentralized finance (DeFi) applications. According to Santiment: “If the tokens of ETH usage and ported tokens continue to increase, the price will generally follow. ”

According to CoinGecko, the popular altcoin ETH is trading at $3,072.98 at the time of writing. The second-largest cryptocurrency by market capitalization has dropped nearly 8% last week and more than 10% in the last 14 days. Santiment also recently ranked a handful of DeFi altcoins based on the level of panic exhibited by the owner communities during the market correction. For each asset, the analytics firm looked at how many tokens were moved from non-exchange wallets to exchange wallets and the average profit or loss of all cryptocurrencies that changed addresses daily.

Ranked DeFi altcoin

Santiment notes that the gaming and non-tradable token (NFT) blockchain platform Enjin (ENJ) has shown the highest level of panic among the altcoins analyzed. Santiment: “What we’re seeing here are three strong ENJ deposits on the exchanges and significant loss reductions during the dump. ”

The second and third ranked altcoins are owned by borrowing and lending projects Compound (COMP) and Aave. Santiment says it detected less panic in COMP and AAVE compared to ENJ. DeFi loan project Maker (MKR) showed a slightly stronger hand during the correction, with just a single transaction flow increase, according to analytics firm. Holders of UNI, the native token for decentralized exchange Uniswap, exhibited the least panic among the tokens Santiment analyzed. According to the analytics firm:

Transaction inflow is high, but previous UNI base exchanges seem to have attracted even more tokens (one gain against two rises). Again, the previous dump was harder for UNI. Lessons learned.


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Michael Lewis

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