Ethereum (ETH) has been on a negative course since the second largest cryptocurrency fell from its recent all-time high (ATH) of $ 4,350. ETH was trading at $ 2,661, according to CoinMarketCap.
However, Santiment has recognized that Ethereum is gaining momentum as address activity on that network grows again. The chain metrics provider stated:
“The activity of Ethereum addresses is picking up again and the number of active deposits, which prevailed during the great wave of panic last week, has decreased. The mood of the crowds is bearish, which is a good sign for the bulls. “
The Ethereum network is also gaining momentum, as the number of addresses with more than 0.01 ETH reached a record high of 15,741,620.
Ethereum options increased in May
According to the crypto data provider Documenting Ethereum:
“Monthly trading volume of Bitcoin and Ethereum options. The Ethereum volume increases in May. “
On the flip side, the average fee paid on the ETH network hit a 4-month low of $ 6.73.
Ethereum has grappled with the challenge of high gas fees, which at some point became unbearable for these traders in general.
The ETH 2.0 version is expected to address this issue in December 2020 as it will move the current Proof of Work (POW) consensus mechanism to a Proof of Stake (POS) platform. It also improves scalability and efficiency.
Meanwhile, the world’s first Ether Exchange Traded Fund (ETF) from Purpose Investments exceeded 50,000 ETH on May 29.
The Ether ETF is a type of security that tracks the total price of the ETH. It allows investors to trade and buy stocks on traditional exchanges or bypass crypto trading platforms.
Hence, it was expected to provide investors with an easy, affordable and efficient way to get direct exposure to ETH, with the convenience of being eligible on any investment account.
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