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.
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.
