The price of Ethereum collapsed from an all-time high (ATH) of $ 4,350 due to the market crash observed in the crypto space.
However, that hasn’t clouded his mood for an impressive return on investment (ROI) this year when compared to tech stocks like Microsoft, Facebook, and Apple, as confirmed by IntoTheBlock. The data science company explained:
“Despite the recent sharp drop in prices, ETH far outperformed tech stocks YTD. While well-known companies like Apple, Facebook or Microsoft have achieved impressive returns of over 27% this year, the ETH performance shows an astonishing ROI of 171%.
The mainstream adoption of Ethereum is supported by decentralized funding (DeFi) and non-fungible token (NFT) sectors.
ETH keeps making headlines because it creates three times more value chain than Bitcoin (BTC) daily.
Additionally, in late June, ETH’s daily active addresses topped Bitcoin for the first time in crypto history as they shot to 649,000 while BTC’s were at 580,000.
Crypto markets saw bearish moves in June
according to About the provider of on-chain metrics CryptoCompare:
“Throughout June, cryptocurrency markets continued to see bearish moves as both Bitcoin and Ethereum ended the month in the red. The aggregated open interest for BTC futures products decreased by 31.8% to 9.7 billion US dollars, while the ETH futures products also decreased by 29.3% to 4.2 billion US dollars. “
Things did not go well for the crypto market in June as trading volumes on the exchanges plummeted by more than 40% as the Chinese authorities stepped up the implementation of the mining raid.
However, Ethereum is climbing steadily due to low average fees that recently dropped to $ 2.19, and that was its lowest level since December 2020. As a result, its transactions hit $ 2.5 trillion in the second quarter of 2021 .
Image source: Shutterstock