Crypto analytics firm Santiment has put out a new analysis that sheds light on recent price movements of major digital assets on the market. According to Santiment, Ethereum’s (ETH) active addresses, active deposits, and transaction volume are showing bearish divergences compared to ETH’s price, as it currently trades at $1,806. Traders of Ripple’s XRP token have also been taking profits at their highest levels since August 2021, as XRP is trading at roughly $0.55.

Moreover, Santiment uncovered that larger wallets have been accumulating Ethereum’s biggest competitor, Cardano (ADA), with addresses holding 10,000 ADA or more collectively adding 1.03 billion coins in the past 5 months, bringing ADA’s price up to $0.385. This represents a growth of 8.2% in the past 24 hours, 5.7% in the past week, and 54% since the start of 2023.

Ethereum, XRP and Cardano all represent a large portion of the crypto market cap, representing the highest amount of trading volume out of all the digital assets. Ethereum is ranked second, XRP sixth, and Cardano seventh in terms of their respective market caps. As such, tracking their price movements may offer insights into the overall crypto market’s performance.

Ethereum has been most successful this month, going up 3.3% in the past 24 hours and more than 4.2% in the past seven days. Similarly, XRP has seen an impressive recovery, as it is up nearly 5% in the past 24 hours and 16.6% in the past week. Cardano’s growth has been the least impressive out of the three, growing 8.2% in the past 24 hours and 5.7% in the past week.

Overall, the trend of bullish behavior in each of the three assets illustrates the rapid gains they have made in the past few weeks. Investors will likely be keeping an eye out over the next few weeks to make sure these deep green trends continue. Santiment’s analysis also provides a deep look into the individual assets’ trading volumes and wallet accumulation numbers, which may help reveal insights into their respective price movements.



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