Bittime -Ethereum (ETH) is the second largest crypto asset in thecryptocurrency world. There are times when the prices of various crypto assets soar simultaneously, as if driven by the positive movement of Bitcoin (BTC) . However, on certain days, the performance of other crypto assets can shine brightly, while the king of crypto, Bitcoin, is stagnant.
Today is one example. Internet Computer (ICP) became the main star with a price increase of 20%. Meanwhile, WOO Network (WIF) followed closely behind with an increase of 16%. WIF underwent a fairly deep price correction (30%) over the past week and overall is still one of the worst performing crypto assets among the top 100 crypto assets in the last seven days.
Ethereum (ETH) Will Compete with Bitcoin (BTC)
Other crypto assets outside the Bitcoin blockchain ecosystem, such as Quant (QNT), NEAR, and TON (TON), also experienced significant price increases, namely between 11% and 15% in a day. Ondao DAO (ONDO), the governance token for DeFi protocol Flux Finance that focuses on treasury management, also experienced a healthy price increase, namely 13.4% in the last 24 hours and 86% over the past week.
Bitcoin (BTC) itself is currently trading at around $67,000, up 2.1%. Ethereum (ETH), its closest competitor, showed a lower gain of 1.4%. In contrast, eCash (XEC) , Ronin (RON), and Stacks (STX) were the worst performing crypto assets among the top crypto assets. All three experienced price drops of between 4.2% and 6.5% as of today (March 26, 2024, at 09:15 AM ET).
Ethereum (ETH) Layer-2 Dominance: A Sign of a Trend Shift?
The latest report from the world of on-chain analytics reveals an interesting trend occurring on the Ethereum (ETH) network. Although the Ethereum mainnet has seen a gradual decline in the number of unique active addresses (monthly active users), the rapid growth of Ethereum's layer-2 solution has succeeded in making up for this shortfall, potentially even surpassing the number of active Bitcoin users.
The Polygon PoS network, which is often confused with Ethereum layer-2, has for the first time surpassed the Ethereum mainnet in terms of the number of unique active addresses per month. Polygon PoS, which is technically a standalone layer-1 network with a unique validator mechanism, recorded 6.24 million monthly active users in February, while Ethereum mainnet (based on a three-month moving average) had 5.89 million monthly active users.
However, when combined with Ethereum's four main layer-2 solutions, namely Arbitrum, Optimism, Base, and zkSync, the number of monthly active users in the overall Ethereum ecosystem reached an average of 13.73 million last month. This figure almost matches the number of monthly active Bitcoin users which was recorded at 13.98 million.
Among Ethereum (ETH) layer-2 solutions, zkSync currently holds the top spot in terms of the number of monthly active users. zkSync has a moving average of monthly active users that is 27% higher than Arbitrum (3.12 million and 2.45 million respectively).
A comparison of the number of monthly active users between Bitcoin and Ethereum shows an interesting trend. Five years ago (in 2019), Bitcoin had almost four times the number of monthly active users compared to Ethereum, namely 12.2 million compared to 3.2 million.
The number of unique active addresses on the Ethereum mainnet itself has more than doubled in the following two years. However, since reaching its peak in June 2021 (coinciding with the previous ATH bull market) of 7.57 million, the number of monthly active Ethereum mainnet users has continued to shrink.
Interestingly, the downward trend was offset by significant growth in monthly active users across popular Ethereum (ETH) layer-2 solutions.
Ethereum (ETH) Price Today
Source: Bittime.com
On March 26, 2024, the price of Ethereum (ETH) was at $3,625 per coin, up 5.32% in the last 24 hours.
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Conclusion
The dynamics occurring in the Ethereum (ETH) ecosystem, with a decline in monthly active users on mainnet but offset by the rapid growth of layer-2 solutions, signals a potential shift in trends in the cryptocurrency industry.
While Bitcoin still dominates the market in terms of market capitalization and number of monthly active users, Ethereum and its layer-2 solutions show the potential to rival and even surpass Bitcoin in the future.
Ethereum (ETH)' s success in adopting layer-2 solutions to address scalability and high transaction fees could be a key player in attracting more users and driving the growth of the cryptocurrency industry as a whole.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Buy BTC Now or Wait for a Correction? Dilemma Between Golden Opportunities and Floating Losses
Buy ETH Today: Price Increases Still Running, Bullish Trend Will Be Long
The Story Behind the Scenes of Tether (USDT): Tracing the Footsteps of the Controversial Stablecoin
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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