Altcoin prices, led by ETH, have not significantly increased. Other sectors also look gloomy. So, a full market recovery may be nowhere close.
despite its strides in development activity, has fallen by 15.68% within the same period. And the list goes on and on.In the 2020 crypto summer, many tokens under the Ethereum blockchain emerged as several altcoins outperformed Bitcoin. This led to the growth and adoption of DeFi protocols.
Fast forward to 2021, Ethereum became the first major stop for NFTs, sparking a billion-dollar surge in volume and sales. Furthermore, the combination of both factors played a vital role as Ethereum’s Total Value Locked hit $106.12 billion in November 2021. But at press time,The TVL measures the value of assets locked in a distributed application or DeFi protocol. Typically, a higher TVL means higher confidence in locking liquidity in smart contract projects.
So, Ethereum’s fall in this metric suggests that investors were still skeptical about the current market condition and possible yield to get. Like the TVL, a hike inHowever, these fees have been on a free fall for a while. This suggests a drop in transactions on the blockchain when compared to the previous booms in altcoin interaction. Therefore, the blockMeanwhile, NFTs, which gained immense popularity in 2021, have seen a slowdown in sales and trading volume.
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