Despite the bearish performance of its native cryptocurrency, Ethereum continues to register on the arrival of new addresses by the hundreds of thousands. However, this significant growth has not prevented the fall of other indicators such as the total value locked in DeFi or the dominance of ETH over the overall market capitalization. Details in the following.
An average of 500,000 new launches per week
On June 8, the Dunne chain analysis platform shared a graph on the evolution of the number of addresses on Ethereum. As of June 6, this total amounted to 207,606,780 launches thanks to an average accumulation of 500,000 new launches per week in the last few months. While the rise in this indicator is good news for network activity, it has not been enough to reverse the trend that ETH has followed, which has been missing out since the beginning of the year.
Like Ethereum’s native cryptocurrency, a number of other network performance indicators are down. In particular, Ethereum’s Total Locked Value (TVL) in Decentralized Finance decreased by 35%. Meanwhile, transactions fell to their lowest level in 19 months as Glassnode revealed on June 8th. At 17.74% at June 6, ETH’s dominance of crypto market capitalization has fallen to its lowest level since October 2021.
Ether at $ 3,000 by June 30?
With ETH currently priced at around $ 1,800 at around $ 1,800, some analysts fear another fall in the price of altcoin. Ropsten Ethereum’s testnet integration on June 8, bringing the network closer to its migration to the Proof of Bet, traders do not seem to be sure of maintaining their bearish outlook. However, the presence of the event gave hope to the crypto community CoinMarketCap, which has particularly bullish price targets. The latter in particular considers that ETH could climb to $ 3,131.75 by June 30.
The exceptional growth in the number of addresses on Ethereum is proof that the network maintains good attractiveness within the crypto industry. However, this did not become a catalyst for a price increase for ETH. The public now hopes that the migration to the Proof of Bet It can play this role.
Source: Finbold, Cointelegraph
Get a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Luc Jose Adjinacou
Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and put forward my pen information related to this ecosystem.