This past week, indications on price charts showed that altcoins’ performances toed the same line as BTC. Most altcoins recorded a significant decline in price. Although Ethereum recorded a day-high of $3,200 on Wednesday, the holders of Ethereum did not seem to have a good week. Especially since the altcoin was stuck within the $3,087 – $3,003 price range over the last few days.
Will a look at the on-chain performance of the crypto give investors a glimmer of hope?
The good ol’ days, where art thou?
On-chain readings revealed that the trading volume for Ethereum stood at $8.48B, at the time of press. This represented an over 54% decline from figures of $18.62B recorded at the beginning of the week.
With the highly anticipated ETH Merge postponed with no date in sight, development activity for the second-largest cryptocurrency has seen a massive drop. In fact, following the confirmation on April 12 that the merger had been postponed, development activity took a hit.
At press time, the same stood at 8.42 – A 54% decline from its 18.31-levels earlier in the week.
Also, on the trading front, Ethereum does not seem to have performed optimally. For example, active deposits for the altcoin stood at 1992 at press time.
Towards the beginning of the week, the crypto recorded an Active Deposit index of 10,807. It has since been on a steady decline.
Similarly, the number of deposit transactions also trended lower this week. With figures of 2088 at the time of writing, the same has fallen over 80% from 11,452 indexes in one week.
On the withdrawal side, the altcoin recorded an 80% decrease in Active Withdrawals, from 254.74k to 50.3k.
Finally, exchange entries of 196.22k were recorded on all decentralized and centralized exchanges at the start of the week. It quickly dropped by 90%.
Similarly, Exchange Outflows for the coin also declined by 90% – From 258.21k to 26.5k within a matter of a week.
Is a reversal imminent?
Thanks to the aforementioned readings, investors might wonder if the second largest crypto in the market could lose its place. However, with a market capitalization of $355,881,069,196 at press time, the good days appear to be far from over.
