Cryptocurrency markets continue to suffer since March. The market, which started to lose its total market value of $2 trillion in March, is now at a lower level of $883 billion. While this selling pressure continues to maintain its strength, EthereumImportant on-chain data continues to decline dramatically.
According to the “State of the Network” newsletter published by Coin Metrics on July 12, the number of monthly unique active addresses on the Ethereum blockchain has reached its lowest level since June 20, 2020.
When examined in more detail, the number of active addresses on Ethereum managed to rise again at the end of 2021 and the beginning of 2022, reaching a good value of 9 million in March 2022. However, as of March, things started to go wrong and the number of addresses fell sharply to 6 million, the lowest level in the last two years.
In May 2021, Ethereum’s monthly unique active addresses had reached 13 million. If this rise Ethereum priceIt was also reflected in the price of the largest altcoin and helped the price of the largest altcoin rise up to $ 4,000. However, in the ensuing crypto crash, the number of monthly active addresses dropped below 8 million and then failed to reach 10 million.
On July 6, Ethereum registered more than 220,000 tokens, the highest daily amount in the previous 11 months, making it to the exchanges with the largest profit rate.
Ethereum Price Analysis
According to data from CoinMarketCap, Ethereum is trading at $1,073, down 6.04% in the last 24 hours and down 2.41% from the previous week. The total market for the cryptocurrency was at $130.21 billion.
It is also worth noting that the crypto community on CoinMarketCap predicts that ETH will be trading at an average price of $2,529 by July 31, 2022, as we have previously reported as Koinfinans.com.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.