By November 2024, Ethereum ($ETH) has significantly increased its transaction dominance, now accounting for approximately 40% of all blockchain activity.
This consistent growth throughout the year is a testament to Ethereum’s scalability and its expanding role in decentralized applications (dApps) and smart contracts.
By November 2024, Ethereum’s transaction dominance has increased significantly, reaching approximately 40%.
Throughout 2024, $ETH consistently demonstrated growth in transaction dominance. This rise can be attributed to its scalability and growing popularity in decentralized… pic.twitter.com/jl1edyaC0E
— Slim Daddy◻️𓃵 ₿ (@felixreads) November 29, 2024
Meanwhile, Bitcoin’s dominance has dipped to 61.5%, as the $ETH/$BTC trading pair surged 17.8% this week, reaching 0.03760 and aiming for the psychological milestone of 0.0400. The rally is fueled by growing market confidence in Ethereum’s ecosystem and its capacity to scale alongside increasing adoption.
Bitcoin dominance dips to 61.5% as $ETH/$BTC surges 17.8% this week to 0.03760, aiming for 0.0400. 🚀$ETH ETFs are stealing the spotlight with $90M inflows on Wednesday, marking a 4-day streak.
Big moves brewing in the market. 🔥 pic.twitter.com/QP5mAwYBzD
— Kyledoops (@kyledoops) November 29, 2024
Ethereum ETFs Makes Massive Moves
Ethereum Exchange-Traded Funds (ETFs) are also making waves. With $90 million in inflows on Wednesday alone, $ETH ETFs have seen a four-day streak of strong investment interest, spotlighting institutional confidence in Ethereum’s long-term potential.
However, not all Ethereum-related activity is bullish. Winslow Strong, director of the Qualia Research Institute, recently deposited 9,380 $ETH (valued at $33.7 million) to Coinbase. Over the past month, Strong has offloaded the majority of his $ETH holdings, selling 14,233 $ETH (worth $48.8 million) at an average price of $3,431 since Ethereum began its rebound in early November.
Another $ETH whale has unloaded $ETH!
Winslow Strong (@winslow_strong), director of the Qualia Research Institute, deposited 9,380 $ETH ($33.7M) to #Coinbase 2 hours ago.
Since $ETH began rebounding in early November, he has offloaded most of his remaining $ETH holdings,… pic.twitter.com/M8xHCq4Yyt
— Spot On Chain (@spotonchain) November 29, 2024
Despite this significant sell-off, Ethereum’s broader performance highlights its growing influence in the crypto market. With rising transaction dominance, sustained investor interest in $ETH ETFs, and a strengthening $ETH/$BTC ratio, Ethereum continues to solidify its position as a leading blockchain platform.
As Ethereum evolves, market participants are keeping a close eye on its trajectory, with many believing its increasing dominance could reshape the crypto landscape in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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