Activity on major multi-purpose networks has heated up over the past two weeks, with millions flowing into dApps. In that sense, protocols based on the Ethereum network experienced strong commercial dynamics that could have an impact on its native token, ETH.
In any case, during the last week the trading volume, commissions and TVL were of great magnitude in this network. The performance of this Blockchain in these three points contrasts with that of its main rivals, which call themselves Ethereum killers.
In any case, Ethereum’s on-chain volume reached $149.9 billion over the last month, according to DappRadar. In far second place, Binance‘s network, BNB Chain, reached just over $26.6 billion in the same time frame. On the other hand, the growth of activity in Ethereum reached 37.7%.
Meanwhile, the total value locked (TVL) on this network points to outstanding growth to be very close to $60 billion. With this impressive momentum from Ethereum, investors hope that the same will be reflected in the network’s native token, ETH.
Native Ethereum Token Struggles to Stay Above $3,200
Despite the strong growth of the Ethereum network, its native token faces some pressure that prevents it from rising. In fact, despite Tuesday’s rise throughout the market, the currency failed to stay above the $3,200 support.
At the time of writing this note, the currency is in trouble and is even threatening to lose $3,100. According to data from the CoinMarketCap portal, the token shows a return of -2.68% within 24 hours. Meanwhile, within a week, the performance marks -4.3%.
In the same weekly period, ETH also has a negative relationship against BTC, with -8.8%. In any case, investors remain hopeful that in 2025 the expected market rally will infect this currency. The notable increase in network activity will lead to increased demand for ETH in the coming months.
The latter suggests that the possibilities of an increase in the price of ETH in the short term are greater than the opposite. In fact, this is what is reflected in the market sentiment index of the CoinCodex portal. This shows that 90% of the market has bullish expectations.
For its part, the fear and greed index reflects 90/100, that is, a situation of extreme greed.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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