In recent times, it has been seen that ETH is struggling to get its support level above $1.5k, also its hash rate is getting down. How long the crypto market will take to recover?
After the transition of ETH from PoW to PoS, it has been seen that the price of Ethereum is falling down. Many crypto experts believe that the POS transition had transformed ETH into a “digital form of fiat currency.” due to which it had become too centralized.
In a recent development, Paxful CEO announced that ETH will be removed from their cryptocurrency trading platform. The announcement came on early Dec 21. The news hasn't impacted the price of Ethereum that much. Before the news, Ethereum was trading at around $1,210 and after the news, it saw a minor drop to $1,190. However, it is now trading at $1,225.
As of now, there are about 190k daily active Ethereum addresses, and are growing at a fast pace. The number of Decentralized Applications (DApps) on the mainnet Ethereum blockchain is also growing and getting competition from other top blockchain networks such as Polygon, Fantom, Avalanche etc. Development in the blockchain space is now much more than ever before. Just have to watch, how well the crypto market will perform in 2023.
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