• Ethereum [ETH] was the largest L1 in terms of TVL and fees, with a market cap of more than $183 billion.
• Santiment’s data revealed that despite the price decline, the amount of available ETH sitting on exchanges continued to fall.
• LunarCrush’s data revealed that Ethereum’s social mentions and social dominance recently hit three-month highs.
Ethereum [ETH] Leads Cryptocurrency Market
Ethereum led the cryptocurrency market at press time, as it remained the largest L1 in terms of Total Value Locked (TVL) and fees. At the time of writing, it was trading at $1,501.74, with a market capitalization of more than $183 billion.
ETH On-Chain Performance Looks Bullish
Despite Ethereum’s price dropping by 13% since peaking on 7 February, its on-chain performance looked bullish. Santiment’s data revealed that there have been 37% fewer coins in terms of dollar valuation on exchanges since the merge.
Bullish Signals for ETH Price
Not only this but several other factors were also indicating a positive future for Ethereum [ETH]. CryptoQuant’s data showed that Ethereum’s exchange reserve was decreasing which indicated less selling pressure; Glassnode noted that ETH’s open interest in perpetual future contracts reached a three-month high; finally, LunarCrush’s data showed an increase in Ethereum’s social mentions and social dominance over the last three months.
Will ETH Experience Another Bull Run?
Overall, these updates looked favorable for Ethereum [ETH] and hence it will be interesting to see whether or not it experiences another bull run soon.
Ethereum continues to dominate the cryptocurrency market with its impressive performance across various metrics such as TVL and fees. Furthermore, its on-chain performance looks bullish given recent developments such as decreases in exchange reserves and increases in social activity around it. It remains to be seen if this will lead to another bull run for ETH soon or not