Ethereum continues to dominate the crypto sector, with increased TVL and notable growth on DEXs. NFT sector however, does not witness the same level of progress.
The rise in TVL can be attributed to the significant growth of Decentralized Exchanges operating on the Ethereum network, such as Metamask Swap, which experienced a substantial surge in unique active wallets within a 24-hour period.
Consequently, transaction volumes on the network registered a notable 9.12% increase during the same timeframe.While Ethereum’s dominance in the DeFi sector remained strong, the same cannot be said for the NFT space. Over the past month, several blue-chip NFT collections on the Ethereum network saw falling prices, including Bored Ape Yacht Club , Meebits, and Azuki.
Moreover, the number of traders involved in buying and selling these collections also witnessed a significant drop during this period.The declining interest in NFTs could potentially impact Ethereum, but despite this, the number of validators on the network continued to grow. Data from Staking Rewards revealed a 7.61% increase in the number of validators over the past month, indicating ongoing participation and support for the network’s security.However, the MVRV ratio of Ethereum indicated that holders were not facing significant selling pressure at the time of writing.
Additionally, approximately 189,000 ETH options are approaching expiration, with a Put Call Ratio of 0.91, a maximum pain point at $1,850, and a notional value of $325 million. These factors reflected optimistic trader behavior and potential market expectations for Ethereum.
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