Token Circulation Continues Looking Bullish for Bitcoin, Ethereum, and Chainlink
Santiment's NVT Token Circulation model continues to be an effective way to keep tabs on how healthy the circulation rate of tokens are for various crypto assets. As market caps rise, it takes more and more unique tokens moving from address to address to justify future price rises. Check out our write-up on how it works!
Here is a look at where each chart currently stands, with green bars indicating the most bullish signals, and red signaling the most bearish:
Bitcoin's NVT chart continues indicating a 'semi-bullish signal for a 5th straight month, with the past two days particularly being very bullish following its new all-time high.
Ethereum has outpaced Bitcoin percentage-wise thus far in 2021, and for good reason. February is the 10th straight month of a green bullish signal.
Chainlink's all-time high was eclipsed yesterday, and its token circulation level is showing as bullish for the 13th straight month.