Ethereum is the second largest crypto by market capitalization and it is most well known for introducing the concept of smart, programmable money to the world of crypto. Ethereum was thus instrumental in bringing about the decentralized finance (DeFi) revolution that we know today. It is by far, the second most traded crypto in the entire market – with 24 hour volumes of over $7 billion (excluding stablecoins), second only to the king coin itself – Bitcoin.
Ethereum has been successfully maintaining its TVL dominance and its flippening index value against Bitcoin, which is a solid sign. However, ETH’s transaction count has been dipping in the last month and a half, thanks to poor sentiments in the overall market. On the other hand, we have strong validator count growth too, even after the successful Ethereum Merge.
Thus in conclusion from the above observations, we can say that Ethereum’s current situation looks moderately bearish as of now. Extreme fear still persists in the market, but it is mainly still an aftereffect of the bear run that Ethereum has faced since the beginning of the year. However, the strong validator count, which is rising steadily indicates there is still a lot of underlying interest in the crypto project as a whole – and hence an overall improvement in the market sentiment is sure to revive this crypto’s spirits.
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