Ethereum

Rise

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereums-supply-dips-to-record-low-as-user-activity-surges" rel="noopener noreferrer nofollow">Ethereum’s Supply Dips to Record Low as User Activity Surges</a><br></p>
<p style="text-align: justify">Following the transition to a Proof-of-Stake network, <a href="https://en.bitcoinhaber.net/ethereums-ascent-to-3500-analysts-predictions-amidst-etf-approvals" rel="noopener noreferrer nofollow">Ethereum</a> has witnessed a significant contraction in its circulating supply, reaching the lowest point in over a year and a half. The recent removal of approximately 86,219 ETH from the market, equating to $300 million, suggests a growing demand for the cryptocurrency. Concurrently, the establishment of new daily addresses on the Ethereum network has surged, hitting a yearly high.</p>
<h2 id="surge-in-network-demand">Surge in Network Demand</h2>
<p style="text-align: justify">The Ethereum network’s conversion to Proof-of-Stake seems to correlate with heightened activity levels, evidenced by the sharp increase in daily new addresses. With over 116,000 new addresses recorded in a single day, the platform’s user engagement is on the rise. This bustling activity has brought down the total ETH in circulation to a mere 120.07 million, reflecting the most substantial supply squeeze since “The Merge.”</p>
<h2 id="financial-indicators-on-the-rise">Financial Indicators on the Rise</h2>
<p style="text-align: justify">Ethereum’s decentralized <a href="https://en.bitcoinhaber.net/okx-ventures-backs-delphinus-labs-innovative-web3-computing-project" rel="noopener noreferrer nofollow">finance</a> ecosystem has also shown robust growth, with a reported rise in the total value locked up in these financial applications. The ecosystem’s TVL now stands at $51 billion, marking a 21% increase from the previous month. Lido Finance, a leading protocol in the chain, has likewise seen its TVL swell by 27% during the same timeframe.</p>
<p style="text-align: justify">In line with these developments, Ethereum’s decentralized exchanges have experienced a remarkable surge in trading volumes, leaping by 161% over the last month. This increase is part of a broader altcoin market rally that has seen heightened transactional activity across the board. The <a href="https://en.bitcoinhaber.net/kevin-rose-makes-strategic-nft-sales-while-eyeing-crypto-trends" rel="noopener noreferrer nofollow">NFT</a> sector within the Ethereum network is not left behind, registering a 17% rise in sales volume to $617 million, even as the number of actual sales transactions has fallen by 57%.</p>
<p style="text-align: justify">The uptrend in Ethereum’s metrics, including a spike in exchange reserves to 14.1 million ETH, points to a robust market sentiment leaning towards ‘greed’, according to the crypto fear and greed index. These indicators underscore a period of intensified trading and valuation for the second-largest cryptocurrency by market capitalization.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereums-supply-dips-to-record-low-as-user-activity-surges" rel="noopener noreferrer nofollow">Ethereum’s Supply Dips to Record Low as User Activity Surges</a></h5>

Ethereum’s Supply Dips to Record Low as User Activity Surges

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