Closely followed Blockchain analysis firm Santiment touched upon the relationship between market prices and on-chain activity in a new report. A particular altcoin is experiencing a massive boom in network activity despite a price drop.
“This altcoin is still promising”, but…
Current Santiment data revealed overlooked green signals for Cardano (ADA). According to the report, the altcoin is experiencing a boom in on-chain transactions despite the ongoing price decline since January. Santiment reported that Cardano network activity increased by 1,700% during the process. According to analysts, this momentum prepares a suitable basis for the price increase. But the ADA needs more for green days:
Cardano is still seeing an increase in on-chain transaction volume despite subdued market capitalization compared to its April local peak. Utility plays an important role in any leapfrog, and this, coupled with sufficient ADA social dominance, is still promising.
ADA price is currently trading at $0.2581. It moved upwards by 0.75% in the last 24 hours. Meanwhile, most major cryptocurrencies, including BTC and ETH, were moving sideways. Similar to ADA, Santiment is seeing bullish movements in another altcoin.
May accompany ADA on Ethereum
On-chain data shows that Ethereum continues to develop, as does the Cardano network. According to reports, Ethereum has reached a new milestone with 467,000 new wallets in a single day. Santiment analysts say the following about ETH:
Ethereum’s network surpassed 467,000 unique address interactions in a single day; This was the highest number since [Bitcoin] ETF (exchange-traded fund) announcements began surging on June 16. Increases in utility are often a common requirement for ETH and other altcoins to increase in value.
ETH price is currently trading at $1,633.75. The leading altcoin remained true to market movements today. It was a horizontal movement of 0.5% compared to the last 24 hours. But its weekly loss exceeds 5%. cryptokoin.com We reported that a whale that has an impact on prices has become active again today. The leading altcoin has not yet reacted to the recent purchases.
Not just ADA and ETH, Santiment is hopeful in these 2 altcoins
Santiment had previously highlighted that XRP, the token associated with Ripple Lab’s payment platform, was also seeing high network activity and started September with the highest on-chain volume it had seen since February 1. The firm also said that the XRP ecosystem is experiencing a significant increase in development activity:
XRP is seeing major utility gains to start the month. In addition to today’s landmark highs in on-chain transaction volume (4.8 billion XRP) and circulation (2.03 billion XRP), development activity for the 5th largest coin in crypto is also greatly increasing.
XRP price is also declining slightly at the moment. It lost more than 5% in value compared to last week.
