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Altcoin Daily shared a YouTube video on Twitter today wherein the Altcoin Daily team talks about the top altcoin making news today. The video mainly focused on the altcoin leader, Ethereum (ETH) and the project’s fundamentals which are very high despite the current bear market.
One bullish metric for the ETH ecosystem is the number of smart contracts that have been deployed on the ETH blockchain. Altcoin Daily shared that the number of smart contracts deployed on the ETH blockchain has jumped 293% in 2022.
In addition to the spike in the number of smart contracts, $4.6 billion in ETH has been burned since EIP-1559. This is mainly due to the number of decentralized applications (dApps) that have been developed on the ETH blockchain. The video indicated that NFT and DeFi on the ETH network, in particular via OpenSea and Uniswap, are fueling the fire of ETH burning.
One major event that the Altcoin Daily team is bullish on is the launch of sign-in with Ethereum. According to the team, sign-in with Ethereum will be a “game-changer”. This functionality will allow users to login using the same keys that control their blockchain accounts, removing the need for an intermediary for the login process.
In related news, the price of ETH stands at $1,630.58 following a 1.23% drop over the last 24 hours according to CoinMarketCap. ETH’s price has also weakened against the crypto market leader, Bitcoin (BTC), by 2.67%. Despite the 24-hour price drop, ETH’s price is still 6.68% over the last 7 days.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.