{"id":16485,"date":"2022-05-11T17:41:50","date_gmt":"2022-05-11T17:41:50","guid":{"rendered":"http:\/\/egrowonline.com\/?p=16485"},"modified":"2022-05-11T17:41:50","modified_gmt":"2022-05-11T17:41:50","slug":"ethereums-tvl-takes-a-massive-hit-but-heres-a-sign-of-hope","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=16485","title":{"rendered":"Ethereum’s TVL takes a massive hit, but here’s a sign of hope"},"content":{"rendered":"


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Ethereum [ETH]<\/a> dropped by 18% in less than a week after bouncing off the $2,200 support level. This happened after BTC suffered another shock and dipped to $30,000. The entire crypto market has gone into a frenzy in recent days with Luna and UST headlining the fallen market situation.<\/p>\n

A particularly bearish sentiment swept ETH in recent days with its volume dropping<\/a> by near 25% in the past 24 hours. The largest altcoin by market cap also had metrics that suggested a period of patience from the ETH community.<\/p>\n

Daily exchange inflows tipped at $170 million, indicating an upset market for investors. Another interesting development saw the total ETH TVL in DeFi take a massive hit, as per DefiLlama.<\/a> It reduced by a whopping $11 billion on 9 May and 10 May due to reduced market interest in DeFi and crypto as a whole after recent setbacks.<\/p>\n

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Source: Stat Alert<\/p>\n

Furthermore, the number of addresses in loss reached a new high on the ETH network at press time. <\/a>27.4 million addresses were the highest number of addresses that stood in losses. This significant number was registered after May 2020.<\/p>\n

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Source: Glassnode<\/p>\n<\/div>\n

The transaction volumes on the network have also spiked in recent days. Furthermore, the transaction volumes reached a 3-month high of 93,188 ETH at the time of writing, while the previous high was recorded on 10 May at 93,088 ETH.<\/p>\n

\"\"<\/a><\/p>\n

Source: Glassnode<\/p>\n<\/div>\n

What do the experts say\u2026<\/h3>\n

As the atmosphere of \u2018extreme fear\u2019 looms in global markets, analysts remain confident of recovery in cryptocurrencies.<\/p>\n

Edward Moya, senior market analyst at the foreign-exchange brokerage Oanda, stated<\/a>,<\/p>\n

\n

\u201cIf the USD 30,000 level breaks, that could trigger a flash crash environment if several whales unload. I tweeted this April 17, 2022: \u2018I am getting 2021 April-May vibes, which means potential bearish until July. Things I\u2019m watching [include] price action, inability to effectively breakout, NFTs go off.\u201d<\/p>\n<\/blockquote>\n

On the other hand, Tyrone Ross, CEO of Onramp Invest, a crypto-asset platform for financial advisors and firms, said<\/p>\n

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\u201cWhen something goes on sale and you like it, you should buy it. I think we\u2019re not at mass adoption yet, but we are at mass acceptance. If your time horizon is 10 years, I think now is a fine time to buy it.\u201d<\/p>\n<\/blockquote>\n

While some analysts feared a crash before July 2022, others are trying to fill the cracks. It is surely a \u2018wait and watch\u2019 market situation with macroeconomic controls largely at play here.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum [ETH] dropped by 18% in less than a week after bouncing off the $2,200 support level. This happened after BTC suffered another shock and dipped to $30,000. The entire crypto market has gone into a frenzy in recent days with Luna and UST headlining the fallen market situation. A particularly bearish sentiment swept ETH […]<\/p>\n","protected":false},"author":1,"featured_media":16486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[1547,164,133,3393,527,3811,438,2222],"class_list":["post-16485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ethereums","tag-heres","tag-hit","tag-hope","tag-massive","tag-sign","tag-takes","tag-tvl"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/nick-chong-0bO235Rhqec-unsplash-1000x600.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16485"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16485\/revisions"}],"predecessor-version":[{"id":16487,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16485\/revisions\/16487"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/16486"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16485"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}