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Glassnode: Both Bitcoin and Ethereum Are Out of Extreme Oversold Conditions

By WebsCryptoAugust 4, 20221 Min Read
Glassnode: Both Bitcoin and Ethereum Are Out of Extreme Oversold Conditions
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Both BTC and ETH have come out of extreme oversold conditions, according to blockchain analytics firm Glassnode, but from an on-chain activity perspective, the BTC 0.07%-news/">Bitcoin network is still dominated by hoarders, and so far there hasn’t been anything noteworthy. New demand returns.

On the Ethereum ETH 0.32% side, Ethereum transaction demand has been gradually declining since the sell-off in May 2021. But seeing a brief burst of activity in recent weeks, it could be constructive if the trend can continue higher.

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Ethereum’s gas price recently dropped by a 7-day median to just 17.5Gwei, indicating that Ethereum’s relative activity is still at multi-year lows despite recent price increases that haven’t attracted an uptick in network usage.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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