Ethereum: What these metrics say about the good old days

Ethereum: lo que dicen estas métricas sobre los buenos viejos tiempos

Last week, the indications on the price charts showed that the performance of altcoins followed the same line as BTC. Most of the altcoins saw a significant drop in price. Although Ethereum posted a daily high of $3,200 on Wednesday, Ethereum holders did not seem to be having a good week. Especially as the altcoin got stuck inside the $3,087 – $3,003 price range for the past few days.

Will a look at crypto’s on-chain performance give investors a ray of hope?

The good old days, where are you?

On-chain readings revealed Ethereum trading volume stood at $8.48B, at press time. This represented a decrease of more than 54% from the figures of $18.62 billion recorded at the beginning of the week.

With the much-anticipated ETH merger postponed with no date in sight, development activity for the second-largest cryptocurrency saw a massive decline. Indeed, following the confirmation on April 12 that the merger had been postponed, development activity took a major hit.

At press time, it stood at 8.42: a 54% decline from its 18.31 levels earlier in the week.

Source: Sentiment

Also, on the exchange front, Ethereum did not seem to have performed optimally. For example, active deposits for the altcoin were in 1992 at the time of publication.

Towards the start of the week, the crypto posted an Active Deposit Index of 10,807. Since then it has been in steady decline.

Similarly, the deposit transaction count has also been trending down this week. With figures of 2088 at the time of writing, the same fell more than 80% from the 11,452 index in a week.

Source: Sentiment

On the withdrawals side, the altcoin saw an 80% decrease in active withdrawals, from 254.74k to 50.3k.

Finally, 196.22k trade entries were recorded across all centralized and decentralized exchanges at the start of the week. It soon fell by 90%.

Similarly, the coin’s exchange outflows also decreased by 90%: from 258.21k to 26.5k in a matter of a week.

Source: Sentiment

Is a flipping imminent?

Thanks to the aforementioned readings, investors might be wondering if the second largest crypto in the market could lose its place. However, with a market cap of $355,881,069,196 at press time, the good days seem far from over.

This is an automatic translation of our English version.


Please enter your comment!
Please enter your name here