The cryptocurrency market seems to be back on the track alongside the bull, since a majority of the coins have displayed upward trends this year. Many of these coins have recorded massive returns when compared to their 2018 lows, including leading altcoins such as Ethereum [ETH] and Litecoin [LTC].
Notably, Bitcoin [BTC], the largest cryptocurrency in the market, was the highlight of the cryptocurrency space after it smashed through the $9000 ceiling yesterday. This breach was however, short-lived as the coin almost immediately fell below this key-point, losing over $400 within minutes. This slump further continued until the coin reached a low of $7972 on Coinbase, losing nearly $1000 within a few hours.
Bitcoin was not the only cryptocurrency in this journey down south, as other major currencies also had to bear the brunt, with some losing their value by double digit percentages. Ethereum [ETH], the second largest cryptocurrency in the market, recorded a drop of over 10 percent in the last 24 hours, according to CoinMarketCap. The coin that reached a yearly high of $288.77, dropped to a low of $235.44 on the same day, 30 May 2019.
This aside, Ethereum continues to march forward in terms of on-chain transactions and active addresses. Binance Research pointed out on Twitter that active addresses on Ethereum were reaching a 10-month high, the market cap was nearly at its 8-month high and the daily on-chain transactions at a 12-month high.
Sean Supplee, a Twitter user, stated,
“[…] The amount of work being done on Ethereum and the amount of LARGE cap dApps that continue to use ETH over other cryptos is huge.”
Additionally, a Redditor, Twigwam, highlighted that Ethereum’s network marked another milestone after its total daily gas used reached an all-time peak on 29 May 2019.
ConscjousEntity_, a Reddit user, said,
“This just indicates that the network is running near capacity. Block times are fixed, and max gas per block is fixed, so there is a fixed limit on the amount of gas that can be used per day. Any increase in actual gas used per day just brings us closer to that limit.”
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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.