As the crypto market thrives, the flagship crypto has broken above $47K, Ethereum Cardano and XRP are up by 8.7%, 50.8%, and 63.2% in the last 7 days respectively.
Making a further bullish case for these prominent cryptos are the metrics bought to notice by the analytics firm Santiment.
Sentiment in a recent tweet said The supply of Bitcoin on crypto exchanges has plunged to its lowest level in almost two years.
It further notes, this is continuing to be a positive indicator. This hodling tendency reduces the probability of future major selloffs as traders relocate more of their funds to cold wallets.
The addresses that use the Bitcoin network are also being examined by the crypto insights platform. Santiment terms address acts as an important metric to watch for hints on whether Bitcoin will cross $50000 or fall below $40000.
“Currently, 720,000 to 930,000 addresses use the BTC network daily, and we’re looking for a spike above 1 million as a bull run signal.”
Santiment points out that whales, or addresses with 100,000 ETH or more, continue to scoop up and hold the top smart contract platform.
” 3years ago to the day, addresses with 100,000+ ETH owned 35.8%. Today, they own 7.9% [more] of the #2 market cap asset’s total supply. There are 1,338 of such addresses.”
Cardano leads all large-cap crypto assets in terms of development activity on the software repository hosting service, according to Santiment.
The analytics firm notes that Cardano has a daily development activity rate of 74, followed by Ethereum’s 50. While XRP is closing up on Bitcoin’s 15 daily development activity rate.
Ripple – XRP
Santiment is also highlighting the development activity of XRP, stating that the team behind the sixth-largest cryptocurrency is submitting the greatest GitHub activity rate in the asset’s history.