Ethereum (ETH) and Polygon (MATIC) are flashing strength amid the crypto market bounce, according to leading analytics firm Santiment.
Santiment notes the number of whale addresses holding between 1,000 and 100,000 ETH has been increasing since early May.
“Ethereum has recovered quite well in July, up +29% for the month and +14% alone in the past 24 hours. Additionally, there’s an increase in the key 1,000 to 100,000 ETH address tier since early May where 131 new whale addresses have popped up on the network.”
Ethereum is trading for $1,533 at time of writing. The second-ranked crypto asset by market cap is up more than 15% in the last 24 hours and more than 40% in the past seven days.
Santiment also notes address activity is rising for MATIC, the native token of Polygon, a scaling solution that aims to enable the widescale adoption of decentralized apps on the Ethereum blockchain.
According to Santiment, the address activity in MATIC is elevated in comparison to its price, which is down 66% from its all-time high of $2.69.
“Altcoins spent the first half of 2022 seeing market cap gains being flushed rapidly. However, projects like MATIC have made up for some of its losses quickly, jumping +63% in a week. Address activity is also rising, showing an intriguing divergence.”
MATIC is trading for $0.91 at time of writing. The 12th-ranked crypto asset by market cap is up more than 23% in the past day and nearly 58% in the past week. The Walt Disney Company just announced last week that Polygon is one of six participants in the 2022 Disney Accelerator class.
Santiment also says crypto traders have been vocalizing more optimism about Bitcoin (BTC) on social media.
“Bitcoin’s mild +8% July rise has been enough for crypto traders to begin breaking out the lambo and moon mentions again. Whether sarcasm or not, this occurs when traders are becoming overly optimistic. Mentions hit their highest levels since January 18th.”
BTC is trading for $22,107 at time of writing. The top-ranked crypto asset by market cap is up more than 7% in the past 24 hours and more than 11% in the last seven days.
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