The coin market has shown signs of relief as the market mounts from panic and FUD plaguing the industry. The crypto industry’s market cap is currently up 2.5% to $ 2,396,305,346,728.
The 24 hour trading volume is $ 132,075,850,258. The crypto star’s dominance is at 38.8%, while that of Ethereum is at a commendable 20.1%.
The second largest cryptocurrency Ethereum rose alongside Bitcoin and other altcoins after the FOMC meeting. What should prevail on the other side. Ethereum continues to navigate the choppy tides undeterred, with the widespread use cases of blockchain.
A breakthrough in the cage?
The Federal Reserve’s FOMC meeting that was supposed to be bearish for crypto markets. While applying a rise in interest rates, and decreasing. However, the market rebounded after the Fed’s decision to keep the interest rate at 0-0.25%. As a measure to reduce burdensome inflation.
Crypto analyst quotes that interest rates are expected to rise three times in 2022. As the decline accelerates to $ 30 billion per month. Falling interest rates have helped Bitcoin, Ethereum, and other cryptos alongside the stock market to emerge from the shadows as the dollar falls to weakness.
Ethereum’s growl about dominance?
According to substantial sources, Microsoft’s blockchain director is optimistic about the future of Ethereum. As he predicts Ethereum will become the decentralized appstore by 2023.
- While offering low fees compared to revshare from the App Store.
- No commercial lock for Apple.
- No single point of control by a single large company.
- Distributed, decentralized, single connection between applications.
- Payments, Identity and Commerce.
So rare announces that users can withdraw sorare cards to any Ethereum wallet. Sorare cards are fully interoperable on Ethereum. ECOMI has officially moved to Ethereum, with over 3 million premium NFTs now 100% carbon-free and available for gas-free trading on VeVe. Powered by X immutable, which is claimed to be Ethereum’s primary NFT scaling program.
Collectively, Ethereum is sailing undeterred despite the hurricane winds in its path. The EIP-1559 upgrade resulted in the combustion of over 1.2 million ETH coins at 6.28 ETH per minute.
The increase in NFT transactions, stablecoins and DeFi tokens convinced the increase in burn rate. Which shows just how widespread the network use case is, hopefully with ETH 2.0 coming up ETH could see a massive moon move.