Ethereum Hash Rate Drops to the Lowest in 13 Months but BTC and ETH Addresses Saw Increases
The 3rd largest cryptocurrency by market cap of $11 billion, Ethereum has been down about 2 percent in the past 24-hours at $105 as per the data provided by Coinmarketcap. In the BTC market as well, it is currently in the red by 0.61 percent. Meanwhile, it is managing the daily trading volume of $3 billion.
Ethereum is fast approaching $100 and if bear market persists which crypto traders and analysts are expecting it to, Ether can hit its December low of $83.35 (on Dec 15, 2018).
Ethereum price chart, Source: Coinmarketcap
Economist and crypto trader, Alex Kruger sees no signs of bulls at all in the market,
“There's absolutely nothing bullish neither technically nor fundamentally for bitcoin and the main crypto assets. Bitcoin broke support overnight and has shown no signs of exhaustion. Charts are decidedly bearish. Longs = scalping against the trend.”
He further shared ETH going below $100 will be bringing more volatility as “stops get run over.”
Ethereum Fundamentals at Glance
Just like Ethereum’s price, its hash rate has taken a drop. In the past 13 months, this is the lowest, Ethereum hash rate has gone.
The last time this low was hit has been on December 31, 2017, at 156.914T in comparison to 155.9498T on January 28, 2019.
Meanwhile, unique addresses on the Ethereum network are on a rise as the total number of addresses are 560770428 on 28 January with a daily increase of 66257. These addresses have been on a surge throughout the year.
The average transaction fees on the Ethereum network has been the highest in July, last year at $5.528. The development regarding this can be seen in the 3 months’ chart below, where the last week saw a decrease in the price to $0.0636 on January 27, 2018.
Just recently, Huobi released its weekly report from 14 January to 20 January, where it reported, “In terms of community activity, Bitcoin, Ethereum, and Ripple remained as the most popular communities on Facebook and Twitter.”
On Facebook community activity, it is on the 2nd spot behind Bitcoin but above Ripple by a small margin. However, on Twitter, it has been on the 3rd spot.