- Ethereum’s price fell while network growth and velocity plummeted
- On a macro level, Ethereum’s network continues to see growth
Ethereum [ETH] recorded a massive decline in price over the last 24 hours, along with the rest of the cryptocurrency market. At press time, ETH was trading at $3,267.60, with its value down by 7.22% on the charts.
Ethereum takes a hit
Over this period, the network growth for Ethereum declined significantly. This indicated that new users were losing interest in ETH and the number of new addresses willing to buy ETH at this rate was very low. Moreover, the velocity for ETH also fell, suggesting that the frequency with which ETH was being traded had declined.
Source: Santiment
Moreover, Ethereum’s MVRV ratio fell, indicating that the number of addresses that were profitable had fallen. Long/Short difference for ETH hiked as well, indicating that the number of long term holders of ETH had increased.
Source: Santiment
Looking at the larger picture
Even though in the short term it looks like ETH is struggling, the big picture is much more promising. In fact, it can be seen that Ethereum’s network has come a long way since last year.
For example – Staked Ether has seen significant growth over the past year, according to Nansen data, surging from 20 million to 32.2 million ETH. Despite a minor dip in staked ETH due to withdrawals from centralized exchanges following the roll-out of Shapella, there has been a remarkable 61% surge in staked ETH.
This represents a staggering $42 billion influx into Ethereum’s staking infrastructure, based on recent pricing.
Source: Nansen
Validator numbers have also seen significant growth since Shapella, alleviating concerns within the Ethereum community about a potential mass exodus of validators. According to Austin Blackerby, EVM Analytics Manager at Flipside Crypto, this growth has eased many fears.
This time last year, there were nearly 563,000 validators securing Ethereum. Since then, this figure has surged by over 74% to approximately 981,000 validators.
Sustained growth in validators has raised additional concerns among protocol developers and researchers, as outlined in a September 2023 report. A large validator set size strains peer-to-peer networking and messaging, potentially causing node failures due to high computational load and bandwidth requirements.
Read Ethereum’s [ETH] Price Prediction 2024-25
Source: Nansen
Additionally, a sizeable validator set makes future upgrades harder and riskier to achieve. The upcoming upgrade, “Electra,” is expected to address the challenges posed by the expanding validator set.
Simply put, the world’s largest altcoin’s long-term future seems more secure and promising than its short-term.
- Ethereum’s price fell while network growth and velocity plummeted
- On a macro level, Ethereum’s network continues to see growth
Ethereum [ETH] recorded a massive decline in price over the last 24 hours, along with the rest of the cryptocurrency market. At press time, ETH was trading at $3,267.60, with its value down by 7.22% on the charts.
Ethereum takes a hit
Over this period, the network growth for Ethereum declined significantly. This indicated that new users were losing interest in ETH and the number of new addresses willing to buy ETH at this rate was very low. Moreover, the velocity for ETH also fell, suggesting that the frequency with which ETH was being traded had declined.
Source: Santiment
Moreover, Ethereum’s MVRV ratio fell, indicating that the number of addresses that were profitable had fallen. Long/Short difference for ETH hiked as well, indicating that the number of long term holders of ETH had increased.
Source: Santiment
Looking at the larger picture
Even though in the short term it looks like ETH is struggling, the big picture is much more promising. In fact, it can be seen that Ethereum’s network has come a long way since last year.
For example – Staked Ether has seen significant growth over the past year, according to Nansen data, surging from 20 million to 32.2 million ETH. Despite a minor dip in staked ETH due to withdrawals from centralized exchanges following the roll-out of Shapella, there has been a remarkable 61% surge in staked ETH.
This represents a staggering $42 billion influx into Ethereum’s staking infrastructure, based on recent pricing.
Source: Nansen
Validator numbers have also seen significant growth since Shapella, alleviating concerns within the Ethereum community about a potential mass exodus of validators. According to Austin Blackerby, EVM Analytics Manager at Flipside Crypto, this growth has eased many fears.
This time last year, there were nearly 563,000 validators securing Ethereum. Since then, this figure has surged by over 74% to approximately 981,000 validators.
Sustained growth in validators has raised additional concerns among protocol developers and researchers, as outlined in a September 2023 report. A large validator set size strains peer-to-peer networking and messaging, potentially causing node failures due to high computational load and bandwidth requirements.
Read Ethereum’s [ETH] Price Prediction 2024-25
Source: Nansen
Additionally, a sizeable validator set makes future upgrades harder and riskier to achieve. The upcoming upgrade, “Electra,” is expected to address the challenges posed by the expanding validator set.
Simply put, the world’s largest altcoin’s long-term future seems more secure and promising than its short-term.
how to buy generic clomid no prescription can i purchase clomiphene prices buying generic clomiphene without dr prescription can you get clomiphene online order clomid without insurance clomiphene tablets price in pakistan get clomiphene without rx
This website exceedingly has all of the low-down and facts I needed about this subject and didn’t positive who to ask.
The vividness in this ruined is exceptional.
zithromax 250mg without prescription – buy tinidazole without a prescription purchase flagyl for sale
purchase semaglutide for sale – how to buy semaglutide cyproheptadine 4 mg drug
purchase domperidone for sale – domperidone without prescription flexeril 15mg oral
buy inderal for sale – order plavix online buy methotrexate 10mg online
where can i buy amoxil – order combivent 100mcg sale how to buy ipratropium
purchase azithromycin pills – tinidazole where to buy nebivolol 20mg for sale
buy esomeprazole 20mg without prescription – anexa mate order generic nexium 20mg
warfarin price – https://coumamide.com/ buy hyzaar pills
buy generic meloxicam 7.5mg – https://moboxsin.com/ buy mobic pills for sale
order generic prednisone 40mg – https://apreplson.com/ order generic deltasone
mens ed pills – buy ed pills canada otc ed pills
amoxil cost – purchase amoxil pills amoxil sale
buy diflucan generic – buy generic forcan buy fluconazole online cheap
order cenforce 50mg online cheap – order cenforce 100mg for sale order cenforce sale
best place to buy liquid tadalafil – https://ciltadgn.com/ which is better cialis or levitra
buy cheap generic ranitidine – https://aranitidine.com/ buy ranitidine pills for sale
buy cialis no prescription australia – https://strongtadafl.com/# free cialis samples
cheapest viagra buy cheap viagra – https://strongvpls.com/ buy viagra australia online
This is the stripe of content I get high on reading. https://ursxdol.com/provigil-gn-pill-cnt/
I’ll certainly bring to read more. https://prohnrg.com/product/rosuvastatin-for-sale/
This is the kind of topic I have reading. cialis 20mg prix en pharmacie
More posts like this would add up to the online time more useful. https://ondactone.com/spironolactone/
This is the tolerant of delivery I find helpful.
buy tetracycline generic
Thanks an eye to sharing. It’s top quality. http://bbs.yongrenqianyou.com/home.php?mod=space&uid=4272505&do=profile
forxiga 10mg cost – https://janozin.com/ order dapagliflozin 10 mg pills
orlistat price – on this site orlistat 120mg price