Bittime - Ethereum has shown disappointing performance over the past few weeks, raising concerns whether the second largest crypto asset by market capitalization has lost its popularity. The asset did not rise much, remaining around $3,100. That may lead to a drop in prices.
Ethereum Fails to Make Significant Progress
Ethereum price has experienced alarming changes. In a new report shared with NewsBTC, he explains that although Ethereum still has a strong correlation with Bitcoin's R-Square of 95%, its performance continues to decline even though Bitcoin has reached its record high.
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Thielen emphasized that new areas emerging on the network, such as decentralized finance (DeFi) and non-fungible tokens (NFT), are closely correlated with ETH's performance in the recent down market. Due to the high costs of transacting on the blockchain, the number of users gobbling up ETH makes the price rise.
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Better to Short ETH
The decline in stablecoin usage on the network was also influenced by Thielen's analysis of Ethereum. Ethereum has dominated stablecoin transactions such as USDT and USDC in 2021.
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However, users seem to be switching to other networks due to high fees. Now, stablecoin transactions are dominated by blockchains like Tron (TRX), with ETH lagging beneath the surface.
Additionally, there is evidence that ETH issuance is again causing inflation. Following the construction of the London Hard Fork, or EIP-1559, in 2021, issuance experienced deflation for the first time as the amount of ETH being burned was faster than the amount of ETH in circulation.
How To Buy Ethereum (ETH) With 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 ETH IDR pairing.
To be able to buy ETH tokens 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 How to Buy Ethereum (ETH) on Bittime.
Monitor price chart movements of Ethereum (ETH), Bitcoin (BTC), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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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.
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