Last week, indicators on the price charts showed that the performance of altcoins followed the same line as BTC. Most altcoins have seen significant price drops. Although Ethereum hit a daily high of $3,200 on Wednesday, Ethereum holders don’t seem to be having a good week. Especially since the altcoin has been stuck within the $3,087 to $3,003 price range over the past few days.
Will a look at the performance of on-chain cryptocurrencies give investors a glimmer of hope?
Old days where are you?
On-chain readings revealed that Ethereum has traded volume of $8.48 billion, at the time of writing. That represented a drop of more than 54% from the $18.62 billion figures recorded at the start of the week.
With the long-awaited ETH merger postponed with no date in sight, development activity for the second largest cryptocurrency has seen a massive drop. In fact, after the confirmation on April 12 that the merger would be delayed, development activity took a huge hit.
It won’t be June, but maybe in the following months. No confirmed date yet, but we are definitely in the final chapter of PoW on Ethereum
—Tim Biko | timbeiko.eth 🔥🧱 (@timbeiko) April 12 2022
At the time of publishing this report, it was settled at 8.42: a decrease of 54% from its levels of 18.31 earlier in the week.
Source: feeling
Also, on the exchange front, Ethereum does not appear to be performing optimally. For example, active deposits of the altcoin were in 1992 at the time of publication.
At the beginning of the week, the crypto published an active deposit index of 10807. Since then it has been in a steady decline.
Similarly, the number of deposit transactions is also trending down this week. With numbers of 2088 at the time of writing, the same number is down more than 80% from 11,452 indicators in a week.
Source: feeling
On the withdrawals side, the altcoin saw an 80% drop in active withdrawals, from 254.74K to 50.3K.
Finally, 196.22 thousand trade entries were recorded across all central and decentralized exchanges at the start of the week. And soon it fell by 90%.
Likewise, coin outflows also decreased by 90%: from 258.21 thousand to 26.5 thousand in a week.
Source: feeling
Is flipping imminent?
they can #ethereal Keep your place #2, or is it somewhere else # encrypt Will you take control? And if so, which one? 👇👇👇
– Lark Davis (@TheCryptoLark) April 23, 2022
Thanks to the above readings, investors may be wondering if the second largest cryptocurrency in the market might lose its place. However, with a market cap of $355,881,069,196 at the time of writing, it appears the good days are far from over.
This is a machine translation of our English version.
“Beeraholic. Friend of animals everywhere. Evil web scholar. Zombie maven.”