More transactions were conducted on Ethereum when the price of ETH was down compared to when the cryptocurrency was in profit.
Following yesterday’s market dip that crashed the prices of all cryptocurrencies aside from stablecoins, the number of transactions on the Ethereum network for a single day soared to a more than three-year high.
According to data from Santiment, a crypto analytics platform that monitors transactions of more than 2,000 cryptocurrencies, there were more ETH transactions on the world’s second-largest blockchain.
Per Santiment, there were 3.4 times as many ETH transactions on the Ethereum network yesterday while the price of the native cryptocurrency traded at a loss compared to when it was in profit.
It is worth noting that yesterday’s record is the highest number of ETH transactions recorded for a single day on the Ethereum network in terms of ETH capitulation trading ratio since November 18, 2018, over three and a half years.
“On the #Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit. This was the highest day, in terms of $ETH’s capitulation trading ratio since Nov 18, 2018, or 3.5 years ago,” Santiment tweeted.
? On the #Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit, on Friday. This was the highest day, in terms of $ETH‘s capitulation trading ratio since Nov 18, 2018, or 3.5 years ago. https://t.co/Y7YKjknv7L pic.twitter.com/hXLkHsgFB2
— Santiment (@santimentfeed) May 7, 2022
Ethereum Down Over 10% in Two Days
Like other cryptocurrencies in the market, Ethereum was not spared in the mid-sized correction that took place in the last two days.
The world’s second-largest cryptocurrency by market capitalization saw its price plummet from $2,955 recorded on May 5, 2022 to a low of $2,653 yesterday.
The mid-sized correction that took place in the last two days appeared to have cooled off a bit with ETH currently trading at $2,673 across various cryptocurrency trading platforms like Binance.
Ethereum is down 45.2% from its all-time high (ATH) recorded on November 10, 2021 as a result of the numerous dips that have taken in the market since December last year.
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Source: https://thecryptobasic.com/2022/05/07/number-of-on-chain-eth-transactions-soared-amid-recent-market-capitulation-the-highest-in-nearly-four-years/?utm_source=rss&utm_medium=rss&utm_campaign=number-of-on-chain-eth-transactions-soared-amid-recent-market-capitulation-the-highest-in-nearly-four-years