• BTC and ETH coins sold at a loss for the first time in 2023 this week, signaling a potential bottom in crypto markets.
• Bitcoin and Ethereum prices have both bounced above key price levels.
• On-chain analytics platform Santiment has flagged market activity that suggests the crypto bottom is likely to be forming.
BTC and ETH Sell-Off
BTC and ETH coins sold at a loss for the first time in 2023 this week, signaling a potential bottom in crypto markets. Bitcoin and Ethereum prices have both bounced above key price levels.
Historically Positive Metric
On-chain analytics platform Santiment has flagged market activity that suggests the crypto bottom is likely to be forming. The metric we are looking at is the ratio of profit/loss transactions for the two top cryptocurrencies by market cap.
Increased Selling from Traders
According to analysts at the firm, price declines over the past week came amid increased selling from traders who were exiting their positions at a loss. The market has historically bottomed when an increased number of crypto holders – the crowd – regularly sell their assets at a loss, Santiment noted.
Bitcoin Price Consolidation
Bitcoin traded to prices under $23k over the weekend before bouncing above the crucial level to hit highs of $23,690 across major exchanges. BTC/USD is currently trading around $23,410, just in the green.
Ethereum Price Increase
Ethereum prices also followed a similar trajectory, first dipping to $1,597 before recovering to $1,647. ETH/USD price has increased 2.3% in the past 24 hour