- The Ether price reclaimed the $2K price level as the crypto market shows recovery signs.
- Ethereum daily burn rate hit an all-time low of 53.07 ETH as on-chain activity reduced.
The crypto market is showing recovery signs as Bitcoin is trading above the $86K price level. Ether’s price also reclaimed the $2K mark with a noticeable increase in its daily price movement. However, when it comes to the on-chain activity Ethereum is still lagging behind.
While increased institutional interest is pushing the BTC price, the rise in the Ether price is purely based on positive market sentiment. The ETH price touched the $2K mark last week as well, but couldn’t keep up with the price rise. As per the recent on-chain data, Ethereum recorded an all-time low in terms of daily burn rate.
Ether is trading at $2,049 at press time with a 2.78% surge in the last 24 hours. Its market cap is hovering around $247.25 billion while 24-hour trading volume increased by around 50%. Community sentiment shows 77% bullish and 23% bearish today.
Ethereum Daily Burn Rate Hits All-Time Low as On-chain Activity Drops
As per TheBlock data, Ethereum recorded an all-time how daily burn rate of 53.07 ETH on March 22. On similar lines, the seven-day moving average of active addresses reached a low value of 417,760 last week. This demonstrates the decrease in the on-chain activity of Ethereum.
The platform has already been raising concerns among the community for its increasing irrelevance in the crypto industry. This further intensified with the present drop in ETH daily burn rate.
Ethereum was once the top blockchain platform for dApp development. However, the rise of more sophisticated blockchains seems to be dominating the platform.
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