Ethereum (ETH) has become a bit of the piss of this bull market. The course performs extremely disappointing and has a long way to go before it comes to his record from 2021. But now it is a lot better with the Ethereum blockchain.
More activity on Ethereum Blockchain
Ethereum currently scores a lot better in all kinds of different on-chain metrics than a while ago, data from The Block shows.
On average over the past seven days, the network now has around 575,000 active wallet seals. This is no less than 37% higher than the low point at the beginning of November, when 420,000 wallets were active.
A lot more transactions are also performed on the network. The daily average is now 1.3 million, while this was 1 million in November.
UNISWAP is the great leader within Ethereum’s Defi-Ecosystem. It is still the largest decentralized Exchange (DEX) with 22% market share and processes almost $ 1 billion a day in transactions.
ETH course still worrying
In terms of network activity, Ethereum is actually doing just as well as during the previous bull market in 2021. But there is still a very big difference in the performance of the underlying ETH course.
Ethereum will have to rise by no less than 56% from its current course of $ 3,130 to reach its all-time. Many other altcoins still have to go a long way, but usually the rest of the Ethereum market follows.
In 2021, Ethereum already passed his earlier record at the end of January, which cleared the road for Altseason to burst in mid -March. It is a big contrast with now, and that makes a lot of people worried.
But the Bullmarkt of 2017 still offers us a glimmer of hope, analyst Matthew Hyland noted. Then Ethereum and other altcoins started their major rise until the end of February/beginning of March. Moreover, you could read in earlier crypto news that the months of February and March are historically very good months for Ethereum. So far, only one of the eight times has ended in the minus, while March only two of the nine times with a loss has been closed.
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Source: https://newsbit.nl/ethereum-netwerk-leeft-op-maar-koers-blijft-achter/
