Ethereum (ETH), the world’s second largest cryptocurrency price movement failed to impress investors post the most awaited merge. However, amid the increased uncertainty in the market, ETH has managed to register a price rally among the top cryptos.
Ethereum overtops Bitcoin
According to Santiment, Ethereum price dominance has grown over Bitcoin and other top digital assets in October. Ethereum price has managed to surge by around 24% over the past 30 days while other cryptos struggle to keep up. Bitcoin price registered a recovery of 7% in the same period.
A solid surge in Ethereum price can be seen after a spike in ETH addresses created post merge. On September 15, active addresses on the Ethereum network stood around 619k. While network growth was calculated to be 64765 at that moment.
Ethereum is trading at an average price of $1,629, at the press time. ETH price have jumped by another 3% in the last 24 hours. Its 24 hour trading volume is up by 2% to stand at $20.1 billion.
Can ETH maintain this Rally?
However, after a decent drop, its network growth jumped to touch the 65637 level on October 30. While the active wallet addresses on the ETH network stand above the 408K level. Santiment suggests that address activity will likely need to recover from here if the token wants a strong continued rally.
On the other hand, Bitcoin exchange supply has been hit by a four month low of 8.48%, suggests the crypto analytics firm. BTC’s small to mid sized addresses which held 0.1 to 10 Bitcoins had almost 16% of the tokens available supply. It is calculated to be at the all time high (ATH) level.