Over the past 24 hours, Ethereum (ETH) has risen almost 2% to $1,806. The capitalization of the largest altcoin on the night of Thursday, March 30, reached $221.114 billion.
Compared to Bitcoin, ETH has been trading in a narrow range for several weeks.
Ethereum’s growth rate is significantly weaker than that of BTC, which is approaching $29,000.
The Santiment report says that ETH was able to demonstrate good performance in 2023 due to the weakening of the activity of sellers.
The supply of cryptocurrencies on exchanges has been declining for several months in a row. It is now at its lowest level since mid-2015.
Slightly more than 10% of the total turnover of digital currency is placed on centralized exchanges. The vast majority of investors prefer to keep Ethereum in offline storage.
The transfer of funds to the ETH 2.0 deposit contract also contributes to the reduction of the altcoin exchange supply.
According to the Etherscan service, a little more than 17.922 million ETH is now blocked in the deposit contract for a total amount of up to $32.387 billion.
