Data suggests Ethereum price is stabilizing ahead of another bull run
Ethereum’s (ETH) monthly gains stand at over 35% currently
- Following the recent London Hard Fork, the ETH 2.0 staking contract has become the single largest holder of the premier altcoin with 7.14+ million ETH locked.
- Experts believe Ethereum’s market dominance is bound to continue as the currency’s transition to a proof of stake (PoS) consensus looms large on the horizon.
- Ethereum’s market dominance has risen to an impressive 17.5% over the last few weeks.
After taking a surprise dip to $3,092 on Friday, Ethereum proceeded to showcase strong signs of recovery, with the altcoin gaining a cool 3% within a matter of minutes after its slip. At press time, ETH is trading at $3,199.
Ethereum’s recent stagnation is viewed by many with a certain degree of financial skepticism. But on August 17, the Ethereum 2.0 staking contract became the single largest holder of ETH, with the contract currently holding over 7.14 million tokens — estimated to be worth over $22.6 billion at press time.
These numbers suggest growing community support for the project and could have a massive impact on the currency’s price in the mid- to long-term.
Kraken Intelligence’s Pete Humiston pointed out that Ethereum’s total consolidated market cap currently lays in excess of $350 billion. He added: “SOL and ADA may well have a larger share staked compared to the 5.7% of ETH on ETH 2.0, but the sheer size of Ethereum means it is all but inevitable it will surpass both as ETH 2.0 continues apace.”
Lastly, it bears mentioning that the past few weeks have seen ETH’s market dominance index continue to increase, with the metric rising from 14% to a little over 17.5% recently.
NFT market explosion continues
August has been a record-breaking month for the non-fungible token (NFT) market, with combined sales already touted to be in excess of 900 million. As per data released by crypto tracking service NonFungible, a whopping $896 million has already been spent on NFTs over the past 30 days. To put things into perspective, the previous highest-recorded sales stood around $250 million, a figure that was achieved earlier this year in May.
Lastly, it should be highlighted that a vast majority of the money that has entered the NFT market has done so through 2 particular avenues, namely CryptoPunks, a trading card game, and fantasy adventure title Axie Infinity.
Disclosure: The author owns a range of cryptocurrencies at the time of writing