Data from cryptocurrency analytics company Santiment shows that the average volume of the top 100 altcoins has been outpacing both Ethereum and Bitcoin.
However, Ethereum is in the lead when it comes to the growth of daily active addresses.
Santiment concludes that it could be a ’sign of long-term bullishness’ for the second-largest altcoin.
Back to the glory days
As reported by U.Today, the number of Ether wallets with at least 10 ETH reached a new all-time high on June 25.
This coincided with the Ethereum network recording over one million transactions for three consecutive days for the first time since the peak of the ICO frenzy in 2018.
Meanwhile, Bitcoin is lagging behind both Ethereum and the 100 largest altcoins, but its active addresses are growing faster than its on-chain volume.
Altcoin rallies mark Bitcoin tops
For the past month, multiple altcoins such as Cardano (ADA), Chainlink (LINK), and Compound (COMP) experienced headline-grabbing rallies.
Santiment points out that cryptocurrency market tops tend to coincide with periods when the on-chain volume of altcoins experiences rapid growth.
This has been true for the past three months after the March turmoil when the cryptocurrency market shed a whopping $90 bln in one day.
Vladislav Sopov
Dan Burgin