Ethereum: Here’s what is behind significant spikes in ETH’s social volumes
Bitcoin‘s ongoing correction has had a repercussion on the entire cryptocurrency market. Ethereum, the largest altcoin suffered the same fate. At the time of writing, ETH suffered a fresh 4% correction as it slipped below the $3k mark- it traded at the $2,984 mark.
The largest altcoin, despite the given drawdown, continued to maintain an impressive social streak. On-chain data provider Santiment reported such an instance where ETH’s address activity ticked bullish numbers regardless of the aforementioned noise.
Source: Santiment
Considering the graph, Santiment noted:
“Ethereum’s address activity really picked up this week, with Wednesday’s 592k addresses being the highest number of unique interactions in over a month. Meanwhile, social discussion for $ETH has hit its highest levels in over two months.”
At the time of writing, the weighted sentiment metric stood around the -0.9 mark. Contrary to popular opinion, prices tend to move opposite to the crowd’s expectations. So this could inject a positive sentiment as extended negative weighted sentiment sometimes triggers a rally.
Considering this, ETH holders witnessed an incline considering the profit count as well. According toIntoTheBlock, 72% of ETH holders saw massive gains as compared to just 23% who faced losses.
Source:ITB
Overall, both the aforementioned cases shed light on a bullish scenario for the largest altcoin.
Supporting this insane run-up for the Ethereum price is the supply distribution chart, which shows that institutions and whales have been busy buying the dips. Likewise, as per a previous report, a spike in this metric indicated that investors accumulated in anticipation of an uptrend. Since early March, the wallets holding 10,000 to 100,000 ETH
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