von • Ethereum saw 580,000 new addresses in one week.
• There is a decrease of ETH on exchanges.
• Total Value Locked of Ethereum is dominating the market.
Ethereum’s Growth Spurt
Ethereum has seen over 580,000 new addresses join in the past week, amidst the introduction of staking and a less than 1% increase in price. This surge highlights the underlying strength and potential of ETH, while showcasing a promising future trajectory for the platform.
ETH Supply on Exchanges Drops
Data from Coin Market Cap revealed that Ethereum held 19% of total cryptocurrency market cap, with Bitcoin claiming 49%. However, an examination of Santiment data showed that less than 10% of all ETH remained on exchanges, indicating a visible decline in supply as holders moved to alternative storage solutions. This withdrawal trend reflects growing confidence in ETH’s long-term value.
Total Value Locked (TVL) Dominates
Data from DefiLlama indicated that Ethereum Total Value Locked (TVL) was dominating the market at press time with $38 billion locked up across all DeFi protocols on the network. This impressive number showcased significant growth since February 2021 when TVL stood at just $10 billion and highlighted Ethereum’s rapid development as a force to be reckoned with within the DeFi space.
Conclusion
The data from this analysis serves as an indication of Ethereum’s bright future prospects as it continues to gain ground and establish itself as one of the leading players in cryptocurrency markets worldwide. The surge in new users joining its network signals potential expansion for its market cap while its TVL numbers highlight its rapidly developing influence within DeFi spaces across the globe.
Takeaways
• Over 580,000 new addresses have joined Ethereum’s network in one week
• Less than 10% of all ETH remains on exchanges • Total Value Locked (TVL) stands at $38 billion
