Developments in Altcoin Didn’t Give What Was Desired: Fall Is At The Door!

Developments in Altcoin Didn't Give What Was Desired: Fall Is At The Door!

Ethereum While its technical fundamentals are in pretty good shape, price action is a little off from this optimistic picture. The Merge update happened about 100 days ago and changed the course of the network.

Leaving the proof-of-work (PoW) consensus, Ethereum has moved to the proof-of-stake (PoS) consensus. This change reduced the energy consumption of the network by 99%.

Developments in Altcoin Didn't Give What Was Desired: Fall Is At The Door!

Although this transition has been expected for a long time, it has also started some discussions. For example, it was common to think that the dominance of the network may be in the hands of certain people, which may cause some problems as a result. Developer β€œsuperphiz”, on the other hand, defended the transition, commenting that we did the right thing.

According to, 15.7 million ETH are currently staked, which is around 13% of the total supply. Assets are worth an average of $19.2 billion at today’s prices.

Also, the Ethereum network currently has more than 490,000 active validators. The Bitcoin hash rate has dwindled due to ongoing severe weather in the US and problems with the energy grids. Ethereum, on the other hand, no longer has to deal with such problems.

Ethereum Continues to Lead NFT Activities

Of course, staking on the Ethereum network after proof of stake is not the only basis for bullishness. The network is also NFT It is also in a critical position for the ecosystem. According to Nansen, a total of $23.7 billion worth of NFTs were printed and traded on Ethereum in 2022.

It is also well ahead of Solana, the second largest NFT ecosystem. Other touted ‘Ethereum killers’ such as Cardano and Polkadot can’t even get close to NFT activity.

According to Ultrasound.Money, Ethereum’s issuance is currently close to zero. Supply is only increasing at a rate of 0.012% per year and has declined marginally from its peak of 121.3k ETH.

Currently the most gas-hungry CoinTool XEN batch miner has burned 164 ETH in the last 24 hours. XEN is a token that anyone can print and has pyramid type tokenomics but still seems popular.

ETH Price Is Pretty Dismal As we reported, the positive developments on the network and ecosystem side did not find a response in the local token price. While Ethereum is currently trading at $1,220, it has been trending sideways for a while.

However, analysts are predicting further price drops for ETH. Additionally, technical indicators suggest that support at current levels could be broken soon.

There is also a bearish triangle technical view. This situation was shared by one analyst predicting that ETH prices will drop to $1,080.

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.

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