The on-chain activity of Ethereum (ETH) is seeing a severe downturn as the global cryptocurrency market suffers a massive sell-off, resulting in its market value falling to $883 billion, well below the $2 trillion it recovered in March.
According to the July 12 issue of Coin Metrics’ State of the Network newsletter, the number of monthly unique active addresses on the Ethereum blockchain has dropped to its lowest level since June 20, 2020.
In particular, the number of active Ethereum addresses rebounded in late 2021 and early 2022, reaching over 9 million by late March 2022. Since then, however, that number has decreased as low as 6 million, the lowest level in the last two years.
In May 2021, Ethereum’s monthly unique active addresses surpassed 13 million, and the price of ETH, the second-largest cryptocurrency by market capitalization, set a new all-time high of over $4,000.
However, as a result of the subsequent crypto market meltdown, the number of monthly active addresses fell below 8 million, failing to reach 10 million afterwards.
On July 6, a net of over 220,000 Ethereum coins was transferred to exchanges, the greatest daily sum in the preceding eleven months and the highest profit ratio.
Analysis of Ethereum value
According to CoinMarketCap statistics, Ethereum is now trading at $1,073, reflecting a 6.04 percent decline over the last 24 hours and a 2.41 percent decline for the previous week, bringing its total market capitalization to $130.21 billion.
As previously reported by Finbold, the CoinMarketCap crypto community anticipated that ETH will trade at an average price of $2,529 on July 31, 2022.
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