Ether Market Volatility May Spark Recovery: Santiment Report
A report by Santiment suggests that the Ether market may see increased volatility, potentially leading to recovery. Increased on-chain activity indicates growing demand for the asset. Despite market instability, Ethereum remains secure in the DeFi ecosystem with $20 billion locked. Institutional investors are showing interest, and the Ethereum network plays a central role in various blockchains. However, September historically has been a bearish period for the cryptocurrency market, and Ether's price is facing selling pressure.
Posted 2 months ago in Ethereum
Market intelligence platform Santiment has released a report indicating that the Ether market may experience increased volatility, potentially leading to a recovery. The report reveals that the count of daily active Ether addresses recently reached around 1,089,893, the second-highest number ever recorded in Ethereum's history. This surge in on-chain activity suggests a growing demand for the underlying asset. While Ethereum faces immediate market instability following a price decline, it remains secure in the decentralized finance ecosystem and smart contract arena with around $20 billion in total value locked. Institutional investors are also showing interest, demonstrated by the growing demand for spot exchange-traded funds. Additionally, Ethereum holds a central role in numerous blockchains due to its Ethereum Virtual Machine network. Despite being impacted by Bitcoin's price movements, Ether's prospects remain optimistic due to its significant valuation, liquidity, and strong trading activity. However, September has historically been a bearish month for the cryptocurrency market, which may result in a further decline in Ether's price. It is currently facing selling pressure as death crosses form between the 50- and 200-day moving averages. Collect this article as an NFT to support independent journalism in the crypto space.
Last updated 9/14/2023, 8:12:18 AM
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