What is it about the largest altcoin that can make an investor bet on it? Well, the fact that\u00a0Ethereum2.0<\/a> deposit address on 10 March exceeded<\/a> the total number of ETH<\/a>\u00a0locked which stood at 10 million, at the time of writing. Despite this, the market trend hasn\u2019t been in favor of ETH\u2019s positive price action.<\/p>\n Ethereum, the prime altcoin has been acting as a \u2018resource\u2019 for different platforms. In 2015, the Ethereum network commenced its journey by offering 72 million ETH to around 10,000 Bitcoin addresses who participated in the ICO- distributed<\/a> across to more than 144.7 million recorded wallets.<\/p>\n Despite \u2018brutal redistribution trading hands\u2019, a large majority of ETH remained static over the years. Here\u2019s a sign of this- the graph below.<\/p>\n Source: Glassnode<\/a><\/p>\n<\/div>\n As per the graph, only 6.5% of the supply was active in the last 5-7 years. And, only around 0.3% on average daily. Now, it\u2019s safe to assume the circulating supply of ETH was much lower than generally expected.<\/p>\n Other positive factors included ETH\u2019s percentage of supply in Smart Contracts as well as the introduction of EIP-1559. The latter introduced a fee-burning mechanism from the already existing ETH in the supply.<\/p>\n It\u2019s safe to assume the circulating supply of ETH is much lower than generally expected.<\/p>\n Even more so with EIP-1559.<\/p>\n EIP-1559 introduced a fee burning coins from the already existing ETH in the supply.<\/p>\n It is on pace to burn 3.4M ETH this year.<\/p>\n That\u2019s 2.8% of the whole supply. pic.twitter.com\/mnoPD9TRjc<\/a><\/p>\n \u2014 croissant (@CroissantEth) March 10, 2022<\/a><\/p>\n<\/blockquote>\n In addition to this, stablecoins consumed a massive part of ETH. The king altcoin was often used to borrow<\/a> stablecoins in DeFi. Probably the reason why stablecoins were attracting billions of dollars.<\/p>\n At press time, the total market cap of stablecoins accounted<\/a> for more than $180 billion.<\/p>\n Ethereum has long been criticized for its high gas fee. Well, it\u2019s interesting to note that \u00a0Ethereum transaction fees<\/a> recently dropped to a 6-month low. As per Etherscan.io<\/a> data, the average cost of transacting on Ethereum at press time was 40 gwei or $2.24.<\/p>\n Ethereum gas fees recently reached levels not seen since last summer ⛽ pic.twitter.com\/QS4zVRPNBA<\/a><\/p>\n \u2014 CoinMetrics.io (we’re hiring!) (@coinmetrics) March 9, 2022<\/a><\/p>\n<\/blockquote>\n At press time, unfortunately, ETH suffered yet another correction of 1.20% in 24 hours. It was trading<\/a> at the $2,562 mark with speculations of further setbacks.<\/p>\n<\/p><\/div>\nChange your perspective<\/strong><\/h3>\n
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Bullish developments\u00a0<\/strong><\/h3>\n
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