• Ethereum (ETH) is flashing a couple of bullish on-chain readings as the top altcoin bounces.
• 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 Flashing Bullish On-Chain Signals
Ethereum (ETH) is displaying some encouraging signs regarding its market recovery, with analytics firm Santiment pointing out that ETH’s supply on crypto exchanges as a percentage of its total supply just hit an all-time low and average transaction fees are back to levels last seen in March before prices skyrocketed to $2,100.
Supply On Exchanges Lowest Ever
Santiment noted that ETH’s sell off pressure may be limited due to the fact that Ethereum’s supply on exchanges is lower than ever, suggesting market participants are moving their ETH stacks away from the open market. At time of writing, ETH is trading for $1,880 – nearly 15% up from its June low of $1,637.
Bitcoin Cash Gains Support
Bitcoin Cash (BCH), the 20th largest altcoin by market cap, has seen a surge in social media activity after it received support from digital asset marketplace EDX Markets which was recently funded by financial heavyweights such as Charles Schwab, Citadel Securities and Fidelity Digital Assets among others. BCH has recorded gains of over 120% since its June low of $97.87 and at time of writing it is worth $213.47.
EDX Markets & Funding Round
EDX Markets received increased attention due to this funding round which saw major investment firms such as Paradigm and Sequoia Capital invest in it – resulting in BitcoinCash benefiting greatly with price increasing by 79% over four days according to Santiment data..
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets and losses incurred are the responsibility of the investor alone.