The largest altcoin ether (ETH) is falling in price today. At the time of writing, the cryptocurrency is trading at around $ 2 177. In 24 hours, the capitalization of ETH fell to $ 254.244 billion.
In addition, the amount of transactions on Ethereum dropped to the lowest values since January 2021.
In the IntoTheBlock report it says that over the past seven days, the average volume of transactions on the blockchain was kept in the region of $ 9.9 billion. The last time network users showed about the same activity at the beginning of the year.
The total volume transacted in USD on #Ethereum is back to January 2021 levels.
Following the recent high of $155b experienced on May 8, looks like the speculation in the market has slowed down considerably.
The total volume is averaging $9.9b over the past 7-days pic.twitter.com/NJdgWKpvtE
— IntoTheBlock (@intotheblock) July 7, 2021
The researchers remind that speculative activity on Ethereum peaked in the first days of May. The amount of transactions then approached $ 155 billion.
In parallel, there is a decrease in the ETH exchange balance. According to Santiment, the volume of cryptocurrency on marketplaces is now at its lowest since November 2018.
This trend once again points to the accumulative strategy of the ether holders, who are confident that the altcoin will grow in value.
To date, the so-called hodlers have accumulated about 48.7 million ETH, which is almost 42% of the total cryptocurrency market supply.
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