When it comes to cryptocurrencies, perhaps the first thing that comes to everyone’s mind is Bitcoin. However, there is a cryptocurrency that has maintained its position as firmly as Bitcoin, perhaps even being called the king of altcoins. The undisputed number two in terms of volume, Ethereum, has recently been moving amidst uncertainties with its rises and falls. So, what’s happening with Ethereum?
ETH Current Status
According to the latest update published by Santiment, Ethereum’s (ETH) transaction fees have reached the lowest levels seen since January.
Data released by Santiment shows that fees on the Proof-of-stake (PoS) network were at $2.34 as of the time of writing. This represents an 84% decrease from the peak of $15 seen on March 5th this year (YTD).
This decrease in network fees seems to parallel the drop in blockchain activity over the past month. According to data provided by Artemis, a noticeable decline in Ethereum’s activity was observed during the last 30 days.
On the other hand, since March 19th, there has been a 7% decrease in the daily number of individual addresses interacting with Ethereum. Consequently, there has been a decrease in the number of unique interactions occurring on the network.
Including the 1.2 million transactions completed on Ethereum two days ago, on April 17th, calculations show that there has been a 14% decrease in the number of transactions on the network over the last 30 days.
The decline in user activity on Ethereum has also impacted the performance of the NFT and decentralized finance (DeFi) sectors.
In connection with the NFT activity on Ethereum, there was also a decrease in sales volume on the network. According to data provided by CryptoSlam, the NFT sales volume over the last 30 days was $288 million, representing a 57% decrease.
Ethereum Price Outlook
Amidst this downturn, all eyes are on Ethereum’s price. As of this writing, Ethereum’s price has risen by 0.84%, returning to above $3,000 and trading at $3,088.
Last night, the price had dipped below $3,000 but has since recovered, pushing the market cap back to the $370 billion level. Additionally, the 24-hour trading volume has increased by 3.20%, surpassing $20 billion.
Looking at the price of Ethereum in Turkish Lira, 1 ETH is currently trading at 100,500 TL as of this writing.
