Ethereum Records Boom in Revenue, Daily Active Addresses, and NFT Volume: Bankless Report
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The token burning mechanism came after the EIP-1559 network upgrade in August 2021. Consequently, Ethereum’s inflation rate has dropped from 1.10% to 0.51%.
The report also showed that the number of daily active addresses on the network has climbed by 4.2% to 529.018. Meanwhile, the number of staked tokens jumped by over 110%, from 5.2 million tokens to 10.9 million. The report explained:
“This represents the number of ETH staked on the Beacon Chain ahead of Ethereum’s transition from utilizing a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). Approximately 9.2% of the total ETH supply is staked in anticipation of ‘The Merge.’”
Bankless also revealed in its report that the non-fungible token (NFT) marketplace volumes spiked by a jaw-dropping 19.290%, from $606.3 million to $116.4 billion.
Commenting on the floor price of the Bored Ape Yacht Club (BAYC), the report detailed:
“While it launched in Q2 2021, the floor price of Bored Ape Yacht Club (BAYC), the most expensive profile-picture NFT collection by this metric, ended the quarter at 108.93 ETH, which was worth ~$351,000 based on prices at the time.”
Key Ethereum Levels to Watch — May 2
Ethereum has recorded a mild uptick in May as the second-largest cryptocurrency rebounded from the $2,716 low on April 30 to $2,873 earlier today. However, ETH appears to be having some difficulties maintaining this uptrend as it dipped to the $2,780 range shortly afterward.
That said, market direction is a bit choppy on Monday, with bears losing grip on the general bias. Regardless, price action currently oscillates within a downward channel on the 4-hour chart, proposing that the critical level to break for bulls to regain some momentum is the $2,900 top.
With the bearish slowdown and the US Fed interest hike already priced in, we could see a return to consecutive bullish moves in the coming days.
Meanwhile, my resistance levels are $2,900, $3,000, and $3,100, and my support levels are $2,750, $2,650, and $2,500.
Total Market Capitalization: $1.74 trillion
Ethereum Market Capitalization: $341 billion
Ethereum Dominance: 19.6%
Market Rank: #2
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