Bitcoin activity drops to 5-year low, Ethereum falls behind Solana
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Bitcoin wallet activity recently reached a 5-year low, with Solana ahead of Ethereum and institutional investors accumulating ETFSwap (ETFS).
The number of active wallets on the Bitcoin (BTC) network recently fell below 13 million. At the same time, the Ethereum (ETH) network also drew a parallel in experiencing a decline in wallet activity and transaction fees, which put it behind Solana (SOL). As both networks face a setback, the ETFSwap (ETFS) ecosystem has seen an influx of users, gaining 10x more active users in the last 30 days.
The Bitcoin Network’s declining wallet activity
Before the recent decline, the last time the number of active addresses on the Bitcoin (BTC) network fell below 13 million was in February 2019. However, in the early hours of May 16th, the Bitcoin (BTC) network had as low as 12.3 million active wallet addresses.
The recent decline is due to decreased demand for the flagship cryptocurrency. This signifies that Bitcoin (BTC) could experience a sharp decline in value in the coming days. Technical analysis indicates that Bitcoin (BTC) could face resistance around $66,500, and its price is expected to fall below the $60,000 psychological support before bullish momentum continues.
Bitcoin’s recent low demand and number of active users also indicate that the network’s dominance could decrease in the coming weeks. Market makers and institutional investors have been moving funds from larger cryptocurrencies to smaller capped assets like ETFSwap. The ETFSwap token’s smaller market cap gives the asset a greater potential to surge exponentially compared to Bitcoin.
The Ethereum (ETH) Network falls behind Solana
Like the Bitcoin network, the Ethereum network has seen a decline in user activity, reflected in the cumulative transaction costs on the network. At the start of the week, the Solana network recorded a higher daily revenue than the Ethereum network.
Through his X account, Dan Smith, an analyst at Blockworks, shared that the Solana network had generated more daily economic value than Ethereum for the first time ever. The Ethereum network generated $1.97 million from transaction fees, while the Solana network generated $2.24 million.
Notably, layer-two scaling solutions have enabled the Ethereum blockchain to experience less congestion, which has impacted the network’s revenue. Interestingly, the decrease in transaction revenue on the ETH network seems to be the least of concerns for Ethereum community members.
ETH advocates are more concerned about the United States Securities and Exchange Commission (SEC) approving a spot ETF for ETH. The SEC’s deadline for giving its verdict on the ETH spot ETF is May 23, 2024. The approval of a spot ETF for Ethereum could positively impact ETH’s price.
ETFSwap (ETFS) presale presents fresh opportunities
Investors keen on the ETF market have spotted a potential “goldmine” in ETFSwap. The platform tokenizes real-world assets such as exchange-traded funds (ETFs), enabling crypto investors to seamlessly unlock spot and futures ETF trading right on the blockchain.
Users can swap between cryptocurrencies and ETFs within seconds and vice versa, with a 24/7, always-on platform that offers unparalleled liquidity in an otherwise illiquid market.
Some of the most attractive parts of the platform include a no-KYC policy; all investors have to do is create an account and/or connect their wallets, and they can start trading. The safety of the platform is also another attractive factor after CyberScope completed an audit of the platform, certifying its smart contracts are completely safe.
ETFSwap’s native token, ETFS, holds a lot of promise as it serves as the utility token of the ecosystem, and this demand has driven its value to new all-time highs. ETFS holders can utilize the token to gain exposure to tokenized crypto and traditional ETFs on ETFSwap, earn staking rewards, and enjoy discounted trading fees.
The token is currently selling on presale at an attractive price of $0.00854, and market experts have said that the price could skyrocket by up to 100X in the 2024 bull run. There is a limited presale supply and so far, over 85 million tokens have already been sold out. So, this is the perfect time to get in on this opportunity.
To learn more about this project, visit the ETFSwap presale website or join the community
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