Price charts over the previous week showed Ethereum’s performance mimicked Bitcoin’s trend. The latest bearish waves saw altcoins on substantial price declines. Though Ether registered a $3,200 daily peak on Wednesday, ETH holders didn’t enjoy the week.
The leading alt remained stuck insider the range of $3,087 – $3,003 within the past couple of days. What does Ethereum’s on-chain performance present for investors?
While writing this content, on-chain metrics show Ethereum trading volume at $8.48 billion. That reflected a more than 54% drop from the $18,62 billion registered early on the week. The 2nd-largest crypto recorded a massive fall in the Development activity.
The decline emerged after the platform delayed the much-awaited Merge without a specific date in sight. Moreover, the upgrade stop confirmation on April 12 had the Development Activity taking a colossal hit.
While publishing this content, the metric stood near $8.42, a 54% drop from early on the week’s $18.31 highs. Furthermore, ETH didn’t seem to perform optimally on the Exchange front.
For example, the token’s active deposits were in 1992 during this publication. The crypto saw a 10,807 Active Deposit index at the start of the week. The metric has recorded a steady drop since.
Also, Deposit Transactions maintained downside trends this week. The 2088 figures in this publication reflect a more than 80% decline from 11,452 within one week. Meanwhile, Ethereum saw an 80% loss in Active withdrawals, plunging to 50.3K from 254.74K.
Lastly, all centralized and decentralized exchanges saw Exchange Inflows amounting to 196.22K at the start of the week. The metric plummeted by 90% within no time. Also, Exchange Outflows noted a 90% drop – to 26.5K from 258.21K in about a week.
Is Flippening Impending?
The readings mentioned above may have investors wondering whether the 2nd-largest cryptocurrency could lose the second rank. A crypto analyst Lark Davis questioned his Twitter follower about the possibility of a different token overtaking Ethereum. However, $355,881,069,196 market cap at this publication shows the good days are far from over.
What are your views about the above narrative? Feel free to leave replies in the comment section below.