The cryptocurrency community's desire to fly into the stratosphere now seems to have fallen flat. As the industry grows, the bar is set for a bear market. Digital assets that have continuously belonged to cryptocurrency towns are coming out of the gloom with double-digit gains. Cryptocurrencies, which now make up the bulk of the business, have tightened up at a brisk pace.
Successively, the star cottage coin Ether has been ahead of the others and has risen to prominence with its amazing rise. The second largest cottage coin has been writing amazing on-chain and cryptocurrency metrics.
This is lucrative for investors and traders in the cryptocurrency business. While Ether's metrics and dominance are far from odds. The limitations of the protocol act as a barrier to emerging Web 3.0 projects.
Is Ether fighting the shorts?
As mentioned earlier, Ether has caught the bullish winds of the market. At press time it was changing hands at $3,009.61, while the scripted profit was 7.8%.
Ether has managed to surf the crest of the market trend and is currently about 40% above the bottom of the year. During this period, Ether's Fear and Greed Index is currently neutral at 45.
On the other hand, according to sources, Ether's recent active supply of 3y-5y (1d MA) has reached a 1-month low of 19,970,328.362 ETH. And the number of addresses holding 0.01+ coins has reached a new high of 21,541,380.
In addition, the number of non-zero addresses has reached a new high of 74,422,442. Mining difficulty has reached a new high of 13,188,748,751,238,800.
Do Ether restrictions pose a threat to Web 3.0 projects?
Ethernet and its smart contracts have always attracted the interest of developers and investors. Fast forward to today, thousands of dApps run on or are compatible with the EVM. Whether it's DeFis, NFT or the metaverse, Ether has been firmly in the driver's seat.
Some famous names from the web are Uniswap, Aave, MakerDAO, 1inch, The Sandbox, Decentraland, etc.
While the field has been expanding to DeFi, the metaverse and Web 3.0. Scalability and lower gasoline costs have become two popular factors in the booming industry.
One of the star cottage coins, Ether, is clearly lagging behind its peers. Ether's high Gas fees have been shutting the door on emerging Web 3.0 projects.
With the future in the hands of areas like DeFi and Web 3.0, solutions to the problem have become imperative. While ETH 2.0 is still off the radar, people are now looking for L-2 extension solutions and aggregation.
where the cost of gasoline is a fraction of that of Ether. Some notable solution providers include Arbitrum, ZK-Rollups, and others.
All in all, the rise of Ether on-chain and cryptocurrency has been a relief to the public. While these limitations have always existed, the above solutions are essential for the network.
Furthermore, as CoinPedia previously reported, Ether has been welcoming a large number of whales from non-exchange addresses. These numbers surprisingly outnumber exchange addresses.
In addition, Fidelity declared to add Ether to its platform. The views of Ark Capital executives brought warmth to the optimism of investors, hodlers and traders. Their collective efforts will continue to drive Ether until ETH 2.0 comes to power.