Fundamental developments alongside on-chain metrics are both factors that have consistently served as a ray of hope as far as 2021’s Ethereum (ETH) holders may be concerned. Most of these holders have learned a thing or two recently, particularly what to do when there may be a market crash, and prices might decline. In such an event, the speculators now know to rely on Ethereum’s consistent functionality, and with good reason.
Ethereum is ranked as the 2nd largest cryptocurrency in the world under total market capitalization, and its price is currently $2,785, which is a 4% increase since yesterday. As such, many investors have been gradually moving away from the flagship crypto, Bitcoin (BTC), due to its recent loss of momentum and value and are thus leaning towards Ethereum instead. This makes sense as Ether has continually developed cryptocurrency-based innovations for several years now and has managed to become the standard for others to follow as well.
Ether still popular despite recent struggles
Not only should the various on-chain attributes of Ethereum be recognized, but we must remind ourselves that despite all of the recent failings and hardships experienced by the world’s biggest altcoin, it is still massively popular and well utilized throughout the entire world.
As of this moment, perhaps the most significant challenge that Ether does face is that of the astronomical network fees. However, these fees have gone down a bit fairly recently, with the network displaying the lowest transaction fees that it has ever had ever since the start of the year. Hopefully, this can encourage many investors to come back to Ethereum and begin using the network once again, as the only reason that consumers were hesitant to do so beforehand was because of the ridiculously high fees. This development is also telling of both Binance Smart Chain (BSC) and Polygon consuming a considerable portion of Ether’s activity.
Users are therefore continuing to use the ETH network to store value, and we can thus concur that Ethereum shall not be losing its popularity nor its place as the top-ranked altcoin any time soon.
What to expect in June?
The cryptocurrency industry is one of both extreme volatility as well as unpredictability, so it is hence difficult to say what will happen to Ethereum during the month of June with pinpoint accuracy. As far as the market goes, no one knows what to expect, with Elon Musk’s tweets causing increases and decreases at a moment’s notice and authorities deciding to implement stricter regulations without warning.
As it stands right now, it does not appear as if Ethereum would be able to reach its previously recorded all-time high levels. A push would hence be necessary, but time will only tell when or even if this happens in the very near future.