- Ethereum supply on exchanges is close to its all-time low of 8.05%, lending support to ETH price gains.
- The altcoin’s dominance surge against Bitcoin pushes ETH/BTC nearly 18.00% higher in the past week.
- Ethereum added over 89,400 ETH addresses per day in the past week, according to Santiment data.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, noted a consistent increase in the number of new addresses created per day and a consistent decline in its supply on exchanges. In the past week, data from crypto intelligence tracker Santiment shows nearly 90,000 new addresses were added per day to Ether.
At the time of writing, the Ethereum/Bitcoin ratio is up nearly 18.00% in the past week.
Also read: Bitcoin records largest transaction of 2024, $665.3 million BTC transferred on Tuesday
Ethereum bullish on-chain activity supports price gains
Ethereum’s recent on-chain activity suggests the altcoin could see further gains. In the past few weeks, Ethereum added over 89,400 wallets to its chain on avearge every day, as seen in the Santiment chart below. Data from the on-chain tracker reveals that 96,300 new ETH wallets were created on Tuesday.
Ethereum price dominance and supply on exchanges. Source: Santiment
The creation of new wallets on a chain is a sign of its relevance among market participants, signaling that demand for the cryptocurrency is likely on the rise. Santiment data shows that Ethereum’s price has surged against Bitcoin, with ETH price up nearly 18.00% in the past week.
Moreover, Ethereum supply on exchanges has hit a near all-time low at 8.06%, as seen in the chart below. ETH supply dropped from 8.97% in July 2023, and it hit a bottom of 8.05% in December 2023.
Typically, a decline in exchange supply supports ETH price gains.
 [15.37.43, 17 Jan, 2024]-638410870563021047.png)
ETH supply on exchanges. Source: Santiment
At the time of writing, ETH is trading at 0.059 against BTC. ETH/BTC climbed nearly 18.00% in the past week and 12.23% in the past month. Ethereum price is $2,545.70 on Binance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.