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Home»ALTCOIN NEWS»Assessing the state of Ethereum as ETH rises 15% in one week.
ALTCOIN NEWS

Assessing the state of Ethereum as ETH rises 15% in one week.

By Crypto FlexsFebruary 13, 20243 Mins Read
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Assessing the state of Ethereum as ETH rises 15% in one week.
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  • Ethereum is showing positive trends with increased validator demand and increased staked ETH.
  • Concerns have been raised as network growth declines, suggesting that reliance on existing holders may increase.

While Bitcoin (BTC) is leading the growth, Ethereum (ETH) has also begun an upward trend.

A certain amount of growth

Recent data shows a significant increase in demand for Ethereum validators since the beginning of this year.

Validators play an important role in securing the Ethereum network by validating transactions and maintaining consensus. This surge in demand signals increased interest in or use of Ethereum verification services and reflects positive momentum within the ecosystem.

Strong Ethereum validator demand since the beginning of the year

Activation Queue: pic.twitter.com/zoi5luytUN

— Parsec (@parsec_finance) February 13, 2024

Another sign of growing interest in Ethereum is the increasing amount of Ethereum being staked on the network. The amount of staked ETH has increased significantly over the past month, currently reaching 30.118 million ETH at press time.

The reward rate for staked ETH is 4.427%, which represents the profit earned by those who participated in the staking process. In particular, the inflation rate associated with Ethereum has experienced a significant decline in recent days.

Source: Staking Rewards

In terms of price, Ethereum performed relatively well. At press time, ETH was trading at $2,653.19, with the price up 6.24% over the past 24 hours.

However, this price surge was not isolated as it was part of a larger trend led by Bitcoin that also caused other altcoins to grow.

📈 I’m in love with the celebration. #Bitcoin$50,000 violation; #Ethereum and others #altcoin The market capitalization itself has grown significantly. Traders saw a +65.3% increase in trading volume compared to the previous week and an increase in assets including: $BEAM (+70%), $what (+45%), & $IMX (+29%) Reward received #hodler. pic.twitter.com/nifCod5EUH

— Santiment (@santimentfeed) February 13, 2024

There are some problems ahead.

A worrying factor for ETH was the decline in network growth. This means that new addresses are losing interest in ETH, which could lead to ETH price spikes due to old addresses accumulating more ETH.


Is your portfolio green? Check out our ETH Profit Calculator


Lack of interest from new investors could hinder ETH’s ability to grow further.

ETH’s MVRV ratio has also increased over the past few days, suggesting that many ETH holders are profitable. This could increase the likelihood of selling off holdings, which could put downward pressure on prices.

Source: Santiment

Previous: Is $XMINING the best cryptocurrency presale yet?

Next: Cardano rises to $0.56, but here’s why a reversal is possible.

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