How Ethereum's 22-month 'high' can bring users back after BTC's drop

### ethereum‘s Transaction Volume Surges to Multi-Month High

ethereum‘s on-chain transaction volume has hit a peak not seen in 22 months, reaching $130 billion in March alone. This marks a significant increase from the previous month and a 21% growth year-to-date. The spike in transaction volume is attributed to a surge in demand for the PoS network, resulting in increased activity and a high ETH burn rate.

### ethereum‘s Circulating Supply Reaches Post-Merge Low

As user activity on the ethereum network continues to grow, the circulating supply of ETH has dropped to a new post-merge low. Over $314 million worth of ETH coins were removed from circulation in the last month alone. This decline in supply is partly due to the recent implementation of ethereum‘s Dencun Upgrade and a decrease in average transaction fees on the network.

### Rise in Unique Addresses and New Demand for PoS Network

The number of unique addresses transacting ETH on the network has surged to an 18-month high, indicating growing interest in ethereum. The daily count of new addresses created on the network has reached a YTD high, with new demand for the PoS network increasing by 16% month-to-date.

### ETH‘s Futures Market Sees Decline in Trading Volume

Following a general market correction last week, ethereum‘s futures market has witnessed a decrease in trading volume. This drop suggests diminished interest from futures traders, potentially due to changes in sentiment or a desire to wait for clearer market signals. The decline in trading volume has also led to a drop in open interest, which currently stands at $13.08 billion.

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### What’s Next for ethereum?

As ethereum‘s transaction volume continues to soar and its circulating supply hits new lows, the future of the popular cryptocurrency remains uncertain. Will the current surge in demand for the PoS network lead to further growth in ETH‘s value? Only time will tell. Stay tuned for more updates on ethereum and the crypto market.

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By Team