The cryptosphere’s desire for a flight to the stratosphere now seems to be falling in place. As the industry climbs up the parapet set the bears. Consecutively, the digital assets belonging to the crypto town are now emerging out of the gloom with double-digit gains. Altcoins which now make-up to a greater portion of the business, have buckled up at a brisk pace.
Successively, the star altcoin Ethereum has been leading fellow alts, with its remarkable rise. The second-largest altcoin has been scripting astounding metrics both on-chain and monetary.
That has been lucrative for investors, and traders from the crypto business. While the metrics and dominance of Ethereum stand tall against the odds. The limitations of the protocol become a hindrance to the emerging Web 3.0 projects.
Is Ethereum Up With Its Arms Against The Bears?
As previously cited, Ethereum has caught the bullish winds in the market. And at the time of press is changing hands at $3,009.61whilst scripting profits of 7.8%.
Ethereum has managed to surf the high tides of the market trends and is currently about 40% above the year’s bottoms. In the interim, the fear and greed index of Ethereum is currently neutral at 45.
On the other hand, according to sources, Ethereum’s amount of supply last active for 3y-5y (1d MA) has reached a 1-month low of 19,970,328.362 ETH. While the number of addresses holding 0.01+ coins has reached an ATH of 21,541,380.
In addition, the number of non-zero addresses has reached an ATH of 74,422,442. And mining difficulty has reached an ATH of 13,188,748,751,238,800.
Are Ethereum’s Limitations A Threat To Web 3.0 Projects?
Ethereum with its smart contracts has been garnering the interests of developers and investors. Fast forward to this day thousands of dApps run on, or are compatible with, the EVM. Be it DeFis, NFTs, or metaverse, Ethereum has been holding its hegemony firmly.
Some of the notable names coming from the network are Uniswap, Aave, MakerDAO, 1inch, The Sandbox, Decentraland, amongst a host of others.
While the space has been sprawling towards DeFi, Metaverse, and Web 3.0. Scalability and lower gas fees have emerged as two welcoming factors for the booming sector.
Which the star altcoin Ethereum has been clearly lagging behind its counterparts. The high gas fees of Ethereum has been closing doors for emerging Web 3.0 projects.
With the future in the hands of sectors such as DeFi and Web 3.0, a solution for the ails has been the need of the hour. While ETH 2.0 remains far off the radar, folks are now looking towards L-2 scaling solutions and Roll-ups.
The gas fees of which are fractions of that of Ethereum. Some of the notable solution providers are Arbitrum, ZK-Rollups, amongst others.
Summing up, Ethereum rising with both on-chain and monetary terms has been a relief to the masses. While the limitations have been holding back, the said solutions would be imperative for the network.
Moreover, as previously reported by CoinPedia, Ethereum has been welcoming a host of whales from non-exchange addresses. The numbers have surprisingly surpassed that of exchange addresses.
In addition, the statement of Fidelity adding Ethereum to its platform. And the views of the executive from Ark invest have brought warmth to the optimism of investors, hodlers, and traders. The collective effort of which would continue to fuel Ethereum’s run, until ETH 2.0 takes in charge.