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Friday, April 23, 2021

Ethereum Has Been Rumored To Fall Victim To Its Prices- But On-Chain Data Screams Something Else

Ethereum is still the world’s second-largest currency in the crypto market, and it is definitely dominating every single contract in the industry according to metrics that suggest network usage. Although the network seems to be overwhelmed by the peak activity which has led to the increase in its median fees to go beyond $10, it doesn’t suggest that the company is going down. The effect of its network on its large fan base, coupled with the developer base would definitely sustain enough position for the cryptocurrency to far outstrip its competitors. 

Ethereum Might Not Be In As Perilous A Situation As Thought

Nonetheless, the on-chain metrics have already started showing major changes in the supremacy of Ethereum- which has raised the old question- is Ethereum about to shoot itself in the foot? As it has been reported, the network is vastly dominating the decentralized applications. But due to the higher fees of gas that would be needed for transactions, it appears that the network of this cryptocurrency is at a disadvantage when compared to its competitors. 

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Over the last couple of days, the blockchain FLOW has had almost 80,000 active addresses which are way more than the Rarible NFT of Ether. This implies that the first data would be analyzing the active addresses daily across the blockchain. 

According to the latest reports, the value of Tron doesn’t come anywhere near the numbers put forward by Ethereum. Rather, Cardano has come through a major price growth in the last couple of months. Interestingly, with Tron holding around 14.5 billion USDT in their circulation, they should easily be boosting the metrics of network usage. And, even though Cardano has almost 90% fewer addresses than Ether, both the networks are used to handling the same number of transactions and transfers. 

This is why it appears that Ethereum is slowly losing its ground to other cryptocurrencies, which are coming in at a high. But, with the major cryptocurrency handling close to 20 billion tokens of Tether, it seems to be holding its fort pretty solidly. 

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