What you should know about the curious case of Ethereum’s metrics

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For the first time ever, the cumulative crypto-market cap surpassed the $3 trillion mark, a development that was celebrated by the community. In fact, on the back of Ethereum‘s gains, the altcoin’s market cap too broke out to hit new ATHs. The crypto’s price is now well and truly heading towards price discovery. 

Ethereum’s trajectory since 30 September 2021 has been a sweet ride north. The king of altcoins has generously rewarded both long-term and short-term HODLers with a weekly ROI of 9.93% and a monthly ROI of over 33%. At the time of writing, Ethereum was trading at $4,796.98, charting 2.95% daily gains and 9.30% weekly gains.

Interestingly, with the altcoin’s value oscillating close to its ATH, ETH’s gas fees and trading volumes slumped. So, what does this curious case entail and what lies ahead for the top altcoin?

A curious case 

Ethereum’s gas fees have been plummeting for the last five days as the price continued to rise. The average transaction fee on 7 November was $37.19, which was an over 33.5% reduction from a week ago when the average gas fee on Ethereum was $55. Additionally, transaction count has also fallen alongside the crypto’s rising price. 

Source: Glassnode

Ethereum transactions per day reflect the daily number of transactions completed on the network. And, the same was indicative of lowered optimism among participants. Apart from that, the network’s hash rate…

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