Ethereum value dips as key metrics look a bit shaky
Ethereum’s daily active address count has dropped by over 40% over the last 12 months
- Rival networks such as Polygon and Solana have been eating into Ethereum’s dApp dominance ratio.
- Altcoins such as Skale, IOST and Celer have seen their values increase heavily over the last 24 hours.
- BNY Mellon will serve as a custodian for Circle’s USDC reserves, as per a recent announcement.
Ethereum (ETH) has had to face bearish pressure recently, with the altcoin dipping from a relative high of $3,400 to $3,200 within hours. However, ETH quickly recovered and is currently trading at $3,514.
While some analysts have claimed that Ethereum could be on its way to the $3,800 threshold, analytical and derivatives data associated with the coin suggests otherwise. For example, the total value locked (TVL) within the network is currently down 20% since late January. Additionally, the asset’s transaction fee continues to hover around the $15 range after dipping as low as $8 earlier last month.
Additionally, ETH’s daily active address count is on the decline. The metric currently stands at 593,260, an increase of 2% from 30 days ago. However, this is still substantially lower than its May 2021 levels — a time when this figure stood at a whopping 857,520.
Lastly, Ethereum-based Dapps have seen their usage ratio dip by 11%, while rival ecosystems such as Polygon and Solana have seen this figure increase by 12% and 6%, respectively.
Chiliz’s layer-1 testnet goes public
Popular sporting blockchain network Chilliz recently revealed the launch of its highly anticipated Scoville testnet regarding its layer-1 blockchain network Chiliz Chain 2.0 — also referred to as CC2. CC2 is designed to enhance the Web 3.0 possibilities of high-profile sporting and entertainment firms concerning niches such as NFTs, DeFi, P2E, etc.
Price-wise, Chilliz’s native crypto token offering CHZ is currently ranked 66th in terms of total market cap, with the currency’s price at $0.284 at present. The asset scaled up to its all-time high of approximately $0.9 a little over 12 months ago and has showcased few gains since.
Several altcoins explode
The last 24 hours have seen many prominent altcoins accrue double-digit profits, with SKALE Network (SKL), IOST and Celer Network (CELR) being on the receiving end of surges of 100%, 32% and 20%, respectively. While SKL’s profits seem to be emanating in anticipation of the launch of SKALE v2, IOST’s uptrend stems from the protocol’s recent compatibility announcement with the Ethereum Virtual Machine (EVM), allowing users to migrate between the two networks with ease.
Lastly, CELR’s upward move comes after the network had been chosen to become the ‘official interoperability layer’ of BSC’s Application Sidechain (BAS) that currently runs atop the BNB Smart Chain (BSC).
BNY Mellon to serve as Circle’s USDC custodian
This week, Circle, the company behind USD pegged stablecoin USDC announced that it would be onboarding the services of BNY Mellon, the oldest bank in America with over $46.7 trillion in AUM. By forging this partnership, BNY Mellon is also looking to make use of USDC for its internal/external cash payments and settlements.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing