Bittime -Ethereum [ETH], the second largest cryptocurrency, saw a sharp decline below $3,000, with its value currently trading around $2,914. The drop reflects a 13.34% discount in the past month, according to CoinMarketCap data. Despite this decline, it appears that demand for ETH remains strong, with positive indications of an increase in the number of new users joining the network.
Demand Remains Strong Despite Decline
On-chain analytics firm Santiment reported that Ethereum saw a sharp spike in the number of new users on April 28 and 29. Approximately 266.6K new wallets were created, marking the largest 2-day network expansion since October 2022.
This signals users' confidence in ETH's long-term potential, despite the short-term decline in the price of this asset.
Check Today's Crypto Market:
Retail Users Take ETH
Data from Santiment shows that retail users are actively buying ETH during price drops. Addresses holding between 0 and 0.1 ETH units increased, while those holding more than 1 ETH tended to sell.
This suggests that retail interest in ETH is strong, and inflows from this segment could provide future price support.
Also Read How to Buy Crypto:
Improved ETH Staking
Many retail users may be interested in the yield offered by ETH staking services. Total ETH staked jumped to 44.24 million, making up 36% of the total ETH supply in circulation, according to Glassnode data.
At the same time, the supply of ETH on exchanges continued to shrink, dropping to 12.79 million, or about 10% of the total ETH coins in circulation.
Also read: Ethereum History Story: How Ethereum Became Popular
Even though Ethereum has experienced a significant price drop, demand for the asset remains strong. The increasing number of new users and strong retail interest indicate potential future price support.
Check Crypto Prices Today:
Additionally, attractive ETH staking services and decreasing ETH supply on exchanges can help maintain price stability and growth potential of this asset.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on 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 Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is Ethereum (ETH) 2.0 and how is it different from Ethereum
The Important Role of the Ethereum Virtual Machine (EVM) in the Ethereum Ecosystem
Understanding Ethereum Transactions
DISCLAIMER: This article is informational in nature and is not an offer or invitation 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.
Comments
0 comments
Please sign in to leave a comment.