Santiment, a market intelligence firm, has reported that wealthy crypto investors are gathering Ethereum (ETH) and that a rebound for digital asset markets could be on the horizon.
In a recent post on the social media platform X, Santiment stated that the activity level of ETH whales has surged to a six-week high, indicating a positive sign that the leading altcoin could ignite a rally.
According to Santiment’s chart, on October 24th, 6,428 new ETH wallets were created, marking the highest daily number since September 5th.
The crypto analytics firm also pointed out some potential catalysts for a market rally, including increased FUD (fear, doubt and uncertainty) as well as heightened attention towards memecoins, suggesting that a rebound may occur in the next few days.
Ethereum is currently trading at $2,498, showing a 1.9% increase in the last 24 hours.
As per Santiment’s analysis, Solana, Jito, Cosmos, and Jupiter have been notable standouts during a volatile week for crypto markets. Furthermore, data indicates that meme coins have attracted increased interest while Bitcoin remains steady.
If the markets continue their lackluster performance going into the weekend, it is anticipated that sentiment will begin to reflect some much-needed FUD, which could imply a market rebound starting next week.
Subscribe to get email alerts delivered directly to your inbox.
Follow us on X, Facebook, and Telegram.
Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
