Does Ethereum appear ready for its next massive step with the Merge arriving in September? ETH played its part by recording upside price actions over July.
Nevertheless, Ethereum’s utility rests on several web3.0 sectors. As the leading alt, Ethereum leads other crypto projects in multiple areas.
The Countdown
The migration to a PoS consensus will arrive on September 19. Analysts term it a historical change the Ethereum blockchain is yet to see.
Meanwhile, the altcoin has reacted well to this hype by dominating other assets (since July’s early sessions). The growth craze surrounding Ethereum has also bolstered Ether’s performance.
Nansen’s data showed that WETH is the favorite coin of smart money. WETH has seen a dramatic accumulation surge since mid-April. Surprisingly, most of the smart money seized WETH for the long term, retaining 76% of the asset for more than 1 to 2 years.
The network’s unique addresses have surged to nearly 490K from 150K in 12 months. That’s an achievement for Ethereum as the cryptocurrency market slumped massively during the mentioned period.
Meanwhile, the Merge has triggered surging investors’ confidence, with staking hitting new peaks lately. Investors have deposited 13.2 million Ether worth $21.6 billion for staling.
Meanwhile, Lido Finance & Kraken lead the list of the 77.7K distinct depositors, with their 4.1 million and 1.1 million ETH, respectively.
Exchange supply remains a crucial signal for understanding investor sentiment. Ethereum has recorded exchange outflows within the past five months, its balance declining to 22.2 million ETH from 24.6 million ETH.
Also, Ethereum dominates the decentralized finance (DeFi) market. The crypto outshines all Layer1s in total value locked. While publishing this content, it boasted a market share of 65.32%, with its TVL at $58 billion. Binance Smart Chain ranks 2nd with only $6.7 billion TVL.
Conclusion
The above stats confirm a massive scenario for Ethereum to flourish after the Merge. Also, they authorize the Ethereum ecosystem’s growth within the crypto sphere. The Merge will likely ensure a massive stream for ETH holders.
Also, Ether is responding well to the surging hype. The altcoin has gained over 50% within the previous month and still flashes green on its price chart. Thus, adopting positivity about ETH in the coming sessions remains logical.
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