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Crypto ecosystem growth reflected in stable coin market cap and fee analysis.
Major crypto like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) could potentially outperform meme coins in the current market landscape, according to on-chain analysis firm Nansen Principal Analyst Aurelie Barthere.
“Our analysis suggests that the recent crypto sell-off has dampened risk-on sentiments among traders, leading to a pronounced negative skew in return distribution. As the market recovers, we anticipate a more subdued trajectory, potentially centered around major tokens,” highlights Barthere. “Meanwhile, our on-chain analysis reveals sustained growth in the crypto ecosystem, exemplified by the peak in cross-chain fees aligning with crypto price movements.”
Nansen’s “Research Weekly” report published on April 28 reveals that technical price patterns indicate that crypto prices are oscillating between consolidation and further correction. Notably, the market has been influenced by strong earnings from tech giants Alphabet and Microsoft, which have exceeded expectations, particularly in artificial intelligence (AI) and cloud services.
Moreover, crypto price analysis reveals lower highs for BTC and ETH, with both struggling to surpass their respective 20-day exponential moving averages. ETH’s 50-day moving average has begun to decline, signaling potential shifts in investor sentiment. Despite the market’s neutral stance, there is an anticipation of a pause in the longer-term bull cycle.
Monitoring the market for signs of significant de-leveraging, analysts noted that the recent de-peg of Renzo Restaked ETH did not affect the price of other restaked tokens. However, the amount of leverage in Liquid Staking Tokens (LSTs) and Liquid Reward Tokens (LRTs) and associated protocols remains a concern.
On-chain data suggests growth in the crypto ecosystem, with a higher stable coin market cap. Cross-chain fees peaked in March, coinciding with crypto prices. Solana has maintained its fee market share, Base has emerged strongly, but Arbitrum has seen a decline.
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