Last week, indications on the price charts showed that the altcoin was performing in a similar fashion to that of BTC. Most of the altcoins registered a significant drop in price. Ethereum holders did not have a good week, although Ethereum recorded a one-day high of $3,200 on Wednesday. Especially since the altcoin has been stuck within the $3,087-3,003 price range over the past few days.
Will a look at crypto’s on-chain performance offer investors a glimmer of hope?
Good ol’ day, where are you?
On-chain readings showed that the trading volume for Ethereum stood at $8.48B at the time of press. This represents a drop of over 54% from the $18.62B figure recorded at the beginning of the week.
The much-anticipated ETH merge has been postponed without a date, with the second largest cryptocurrency recording a massive drop in development activity. In fact, development activity took a major hit after confirmation on April 12 that the merger had been postponed.
It won’t be June, but it’s likely to be a few months later. No fixed date yet, but we are definitely in the final chapter of PoW on Ethereum
— Tim Beiko | timbeiko.eth (@TimBeiko) 12 April 2022
As of press time, it stood at 8.42 – a 54% drop from its 18.31-level in the week.
Additionally, on the exchange front, Ethereum has not outperformed. For example, at press time the active deposit for altcoins was in 1992.
At the start of the week, the crypto recorded an active deposit index of 10,807. Since then it has been steadily declining.
Similarly, the deposit transaction count has also been on a decline this week. With figures of 2088 at the time of writing, it is down more than 80% from the index of 11,452 within a week.
On the withdrawal side, the altcoin registered a decrease of 80% in active withdrawals, from 254.74k to 50.3k.
Lastly, at the beginning of the week all decentralized and centralized exchanges recorded an exchange inflow of 196.22k. It soon fell 90%.
Similarly, exchange outflows for the coin also declined by 90% – from 258.21k to 26.5k within a week.
Is a flipping imminent?
can do #ethereum keep your #2 position, or have another #crypto going to handle? And if so which one? I
— Lark Davis (@TheCryptoLark) 23 April 2022
Thanks to the above reading, investors may wonder whether the market’s second largest crypto could be losing its place. However, with a market cap of $355,881,069,196 as of press time, the good days are far from over.