3 key on-chain metrics suggest Ethereum price is in a 2017-style bull run

Ether (ETH) price is currently ranging between $440 and $470, which is similar to the price action seen in December 2017. Back then, the scenario ended up being incredibly bullish, and the altcoin quickly rocketed toward $1,400.  Fast forward to 2020, and some investors believe a similar outcome may occur as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run. On Dec. 10 Ether price was $450, and it took only 34 days for Ether to reach its all-time high. Before this…

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Ethereum’s on-chain activity surges and bullish sentiment spikes

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicates that discussions around Ethereum have switched from highly bearish to predominantly bullish. Historically, this hasn’t meant good news for the token’s price. Ethereum’s on-chain activity, measured by unique daily addresses, has rebounded from its nose dive at the end of summer. The latest surge has taken Ethereum to a 3-week high of 420,610 addresses per day — marking a 25.2% growth compared to the day prior. Another noticeable trend is Ethereum’s 365-day dormant circulation, which tracks the renewed…

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Can DeFi and on-chain governance change human nature? Oct. 7-14

This week, one bit of news really grabbed my attention: Dharma getting criticized for allegedly trying to capture Uniswap governance. Dharma is the company behind a crypto payments and exchange app, a sort of Ethereum-based cousin of Square’s Cash App. Or at least that’s what I previously used to describe it — if you visit the website now you basically only see mentions of DeFi and some very trippy images. The Dharma website design is now very… daring. And inspired by Uniswap in some ways. Like Uniswap and Compound, Dharma…

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3 key on-chain metrics point to a bullish reversal in Ethereum price

While Ether (ETH) price has been stuck between the $340-$350 range for the last month, multiple on-chain metrics suggest that a recovery may be building. Santiment, a cryptocurrency data analytics firm, recently noted that the number of deposits to exchanges has been decreasing since the start of September. According to the firm, the number of addresses used to send Ether to exchanges has seen a 53% decline since Sept. 1. Ether daily deposits in the last 6 months. Source: Santiment Although sell pressure on Ether has been reducing on exchanges,…

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Profit taking Bitcoin miners won’t stop the next bull run: On-chain analyst

Historical data shows that some miners began to sell Bitcoin (BTC) at the end of July, leading to increased selling pressure in the cryptocurrency market. Eventually, the dominant cryptocurrency fell steeply from mid-August, recording a 13% fall and since then BTC has struggled to retake the $12K mark. Bitcoin selling by miners from 2017-2020. Source: CryptoQuant According to CryptoQuant CEO Ki Young Ju, continued selling by miners might not be enough to prevent a bull run. On-chain data analysis firms closely observe the movements of miners and whales because they…

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Bitcoin Script and Onchain Contracts: Two High-Level Programming Languages for Bitcoin Cash

Last May, the software developer and creator of revoke.cash, Rosco Kalis, released Cashscript version 0.4 that included a number of optimizations. Cashscript’s new website highlights the high-level language that “offers a strong abstraction layer over Bitcoin Cash’ native virtual machine, Bitcoin Script.” Additionally, the developer Tendo Pein recently announced the “high-level smart contracts programming language for Bitcoin Cash” called Spedn now has a new website. Cashscript Version 0.4.3 and Cashscript.org Rosco Kalis is a software developer who is involved with a number of different cryptocurrency projects. For instance, Kalis created…

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12 Months of Onchain Data Shows Bitcoin Whales Obtained Hundreds of BTC from Small Fish

According to recent data, crypto participants known as ‘bitcoin whales’ have been steadily accumulating bitcoins, and not selling since the ‘Black Thursday’ market carnage on March 12, 2020. Onchain data and blockchain analysis firms indicate that the number of bitcoin whales with 1,000 to 10,000 BTC or more on a single address has increased significantly. Small and Mega-Bitcoin Whales Accumulate More Coins During the Market Dip In the cryptocurrency world, investors who hold a large number of digital assets are typically called ‘whales.’ There are also all types of whales…

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Bitcoin On-Chain Data Suggests Miners Expect Halving to Pump BTC Price

As the coronavirus pandemic continues to unfold and new signs of lockdowns beginning to be slowly lifted in Europe, all eyes in the crypto community are back on the Bitcoin (BTC) halving. The event is only 10 days away, and Bitcoin’s price seems to be acting accordingly, having surged an incredible 23% to a monthly high above $9,400 earlier this week.  A widely celebrated event in the cryptocurrency industry, the halving is part of the Bitcoin monetary policy, in which every four years, the Bitcoin mining reward is cut in…

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Onchain Data Suggests Bitcoin Sell-Off Fueled by New Investors

While the covid-19 outbreak has caused economic calamity, cryptocurrencies have regained some of the losses that devastated digital currency markets on March 12. A recent report published by the researchers at Coin Metrics notes the “crypto asset sell-off was driven by short-term holders.” Further, an analyst at Unchained Capital agreed with Coin Metrics’ findings and wrote that “a majority of the volatility came from UTXOs 6 months old or younger.” Also read: The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count Coin Metrics’ State of the Network Research…

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