Monday, March 4, 2024

Ethereum price surge fueled by record low exchange supply.

The supply of Ethereum (ETH), the second-largest cryptocurrency by market value, has been steadily declining on exchanges, while the number of new addresses created daily has been consistently rising. Data from the crypto intelligence tracker Santiment indicates that about 90,000 new addresses were added to Ether per day during the previous week.

The Ethereum/Bitcoin ratio has increased by around 18.00% during the last week as of this writing.

Bullish on-chain activity for Ethereum sustains price increases.

Recent on-chain activity for Ethereum indicates that the altcoin may experience additional gains. The Santiment graphic below shows that throughout the last two weeks, Ethereum added around 89,400 wallets to its chain on average every day. Tuesday saw the creation of 96,300 new Ethereum wallets, according to data from the on-chain tracker.

The emergence of new wallets on a chain indicates the cryptocurrency’s importance to market players and suggests that demand is probably increasing. According to Santiment data, Ethereum’s price has increased in comparison to Bitcoin, rising by around 18.00% during the previous week.

Furthermore, as the chart below illustrates, the supply of Ethereum on exchanges has almost reached an all-time low of 8.06%. The supply of ETH fell, reaching a low of 8.05% in December 2023 after falling from 8.97% in July 2023.

A decrease in the exchange supply typically supports gains in ETH prices.

As of this writing, ETH and BTC are trading at 0.059. The last week saw a nearly 18.00% increase in ETH/BTC, and the past month saw a 12.23% gain. On Binance, Ethereum is priced at $2,545.70.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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