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The cryptocurrency market saw a downtrend as Bitcoin started the day with a dip, dragging its price back to the $30,000 level. Influenced by Bitcoin’s losses, the crypto market followed the downward trend. Ethereum, losing over 1.5% in the last 24 hours, began trading at $1,877. The total market cap of the crypto ecosystem fell to $1.17 trillion according to CoinMarketCap data at the time of writing.
The Crypto Market Kicks off with a Decline
While the decline in the market and Ethereum’s losses continue, crypto analytics platform Santiment shared updated data and critical metrics, revealing a decrease in the exchange supply of Ethereum.
Ethereum started trading at $1,877 after falling below the $1,900 price level as the crypto market entered a new decline. Despite the downturn in the crypto market and the continued losses in Ethereum, Santiment shared critical metrics and drew attention to the latest data.
Exchange Supply of ETH Continues to Decrease
The crypto analytics platform Santiment reported that the supply of ETH on cryptocurrency exchanges continues to decline. Additionally, the average transaction fees have returned to levels last seen in March, before the price of Ethereum rose to $2,100. They reported: “Even though Ethereum couldn’t maintain the $1,900 level for now, the supply continues to move away from exchanges. Moreover, the average fees have returned to levels seen just before the $ETH price rose to $2,100 in March.”
