The Ethereum network continues to show solid metrics in aspects of staking and activity, but prices continue to fall as the crypto winter deepens.

The Ethereum network is currently in good shape, with over 14 million ETH staked and 439,425 active validators. At current prices, that equates to slightly more than $18 billion, or 11.6% of the total supply of ETH.

Stakers are rewarded with an annual interest rate of around 4%, higher than most high street banks. The ETH locked on the Beacon Chain remains motionless and will not be available for several months, when it will most likely be released in stages.

Ethereum network statistics

The total supply has increased by only 0.18% since the Merge on September 15, adding only 10,500 ETH to the circulation. The granting will become negative during times of high demand and network activity as more ETH is burned by the EIP-1559 process.

According to the Ultrasound.Money platform, the supply of Ethereum will begin to decline immediately, falling by around 3.5% to 116 million in the next two years.

At current prices, approximately 550 ETH are burned daily, worth roughly $710,000. The most gas-guzzling NFT platform has been OpenSea, followed by Uniswap. Gas costs are currently very low, averaging $0.07 per transaction.

As of now, 1.2 million daily exchanges on the Ethereum network have maintained consistent activity levels over the last year or two, indicating that popularity is not waning in tandem with prices.

Prices may fall even further.

Regrettably, none of these bullish statistics have been mirrored in recent price action. ETH is trading at $1,289, down 1.7% for the day. The asset is now down 18% in the last month and 74% since its all-time high in November.

Because it has not been able to conquer resistance at higher levels, some analysts predict further losses and a possible drop to the low $1,000 range.

What do you think needs to happen for the price of Ethereum to rebound? Let us know your thoughts by sharing this article on social media.

Posted 
Oct 3, 2022
 in 
Crypto News
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