Ethereum (ETH) has been on a negative trajectory since the second largest cryptocurrency fell from the recent all-time high (ATH) of $ 4,350. ETH was trading at $ 2,661, according to CoinMarketCap.
However, Santiment has acknowledged that Ethereum is gaining momentum as address activity on this network is growing again. The chain metrics provider explained:
“Ethereum address activity is growing again, and the number of active deposits that prevailed during last week’s big wave of panic has declined. The crowd sentiment is bearish, which is a good sign for the bulls. “
The Ethereum network is also gaining momentum because 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 crypto data provider Documenting Ethereum:
“Monthly Trading Volume of Bitcoin and Ethereum Options. Ethereum volume soars in May. “
On the other hand, the average fee paid on the ETH network reached a 4-month low of $ 6.73.
Ethereum has been grappling with the challenge of high gas fees, which at one point became unbearable for those merchants in general.
The ETH 2.0 release in December 2020 is expected to address this issue as it will move the current Proof of Work (POW) consensus mechanism to a Proof of Stake (POS) platform. In addition, scalability and efficiency will be enhanced.
Meanwhile, the world’s first Ether Exchange Traded Fund (ETF) by Purpose Investments surpassed 50,000 ETH on May 29.
The Ether ETF is a type of security that tracks the total price of ETH. It allows investors to trade and buy stocks on traditional exchanges or bypass crypto trading platforms.
Therefore, it was expected to offer investors a simple, affordable, and efficient way to gain direct exposure to ETH with the convenience of being eligible on any investment account.
Image Source: Shutterstock