A leading crypto analytics firm is finding that traders are HODLing Ethereum (ETH) in self-custody at record rates.
Santiment reports that traders are holding ETH in self-custody away from exchanges at the highest level since the token launched eight months ago, which the firm says “indicates confidence from HODLers.”
“Ethereum is now being held in self-custody and away from exchanges at the highest level since the week the token was introduced nearly 8 years ago. This essential all-time low ratio of ETH on exchanges (10.31%) indicates confidence from hodlers.”
Ethereum is trading at $1,776 at time of writing. The second-ranked crypto asset by market cap is up 3.3% in the past 24 hours.
Santiment also reports that XRP‘s social dominance hit its highest level since early November following a price surge on Sunday and Monday.
“XRP Network’s social dominance is at its highest point in a year following the surge above $0.49 for the first time since Nov. 6. Added XRP crowd recognition means more volatile price swings caused by increased volume & mainstream interest.”
XRP is trading at $0.46 at time of writing. The sixth-ranked crypto asset by market cap is up more than 19.5% in the past 24 hours.
Additionally, Santiment notes that the cross-chain token trading platform Stargate Finance V1 (STG) saw its network growth on Ethereum scaling solution Arbitrum (ARB) surge to an all-time high on Sunday.
“Stargate’s network growth on Arbitrum managed to hit an all-time high yesterday despite its -51% price retrace since its Feb 18th top. Our latest insight discusses the Stargate DAO active voting as a likely contributor, and its high risk/reward nature.”
Stargate’s jump in network growth on Arbitrum happened despite its recent price woes. The 277th-ranked crypto asset by market cap has plunged by nearly 50% since mid-February and is trading at $0.63 at time of writing.
Top US crypto exchange Coinbase delisted the asset earlier this month, saying it failed to live up to its listing standards.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses 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.
Generated Image: Midjourney
Credit: Source link
