Ethereum’s price plummeted from an all-time high (ATH) of $ 4,350 due to the market crash seen in the crypto space.
However, this hasn’t dampened their spirits to deliver an impressive return on investment (ROI) so far this year compared to tech stocks like Microsoft, Facebook, and Apple, as recognized by IntoTheBlock. The data science firm explained:
“Despite the recent sharp drop in price, ETH has largely outperformed Tech Stocks YTD. While well-known companies such as Apple, Facebook or Microsoft have achieved impressive returns of over 27% this year, ETH’s performance shows an astonishing return on investment of 171% ”.
The widespread adoption of Ethereum is driven by the decentralized finance (DeFi) and non-fungible token (NFT) sectors.
ETH is continually in the headlines because it is establishing three times more value chain than Bitcoin (BTC) on a daily basis.
Furthermore, at the end of June, ETH daily active addresses surpassed Bitcoin for the first time in crypto history as they soared as high as 649,000, while those of BTC stood at 580,000.
Crypto markets saw bearish movements in June
According to on-chain metric provider CryptoCompare:
“Throughout June, the crypto markets continued to experience bearish movements as both Bitcoin and Ethereum ended the month lower. Aggregate open interest in BTC futures products fell 31.8% to $ 9.7 billion, while ETH futures products also fell 29.3% to $ 4.2 billion. “
Things were not optimistic for the crypto market in June as trading volumes on exchanges plummeted by more than 40% as the Chinese authorities stepped up the implementation of the mining crackdown.
However, Ethereum is continually climbing the heights due to low average fees, which recently fell to $ 2.19, and this was the lowest level it had reached since December 2020. As a result, its transactions reached $ 2.5 trillion in the second quarter of 2021.
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