Ethereum continues to attract interest despite price dip- Decoding ‘why’

Despite the recent dip in price, the number of addresses holding at least 0.01 ETH hit an all-time high of 23.7 million.

latest data, Ethereum remains the second-largest cryptocurrency by market capitalization, currently valued at over $222 billion. As of this writing, the total supply of Ethereum in circulation stood at over 120 million., the supply of Ethereum that was active has been decreasing. Glassnode’s “Amount of Supply Last Active” metric, which measures the percentage of active ETH between one week and one month, showed a decline.

As of this writing, the Supply Last Active was over 7.3 million ETH, and a visible decline could be seen on the chart.The “total supply last active” metric indicates the total number of units of a cryptocurrency currently available. Also, it represents the most recent period in which any of those units were transacted or moved.New Stake decreases as total stake increaseshas been increasing. Currently, the total amount of staked ETH is almost 9 million.

However, despite this rise, the volume of new stakes has experienced a significant drop recently. The observed chart shows that the number has decreased from around 93,000 daily to approximately 80,000.Following its ascent above the $2,000 price range, the value of ETH has experienced a decline in recent days. As of this writing, it was trading at around $1,839, representing a loss of over 1%.

The decline marked the second consecutive day its value had been in the red zone on a daily timeframe chart.

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