Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is now back, trading back in the green.
In particular, Ethereum has seen an inflow of over $20 billion into its market capitalization across the last seven days.
When you compare the market value of the DeFi asset on March 10 to the current overall market value of ETH, which stands at $332.17 billion at the time of publishing on March 17, you get a total inflow of $20.45 billion, according to statistics from CoinMarketCap.
Ethereum 7-day market cap. Source: CoinMarketCap Presently, Ethereum is trading at $2,768 up 3.38% on the day and 6.55% in the last week.
Ethereum 7-day price chart. Source: CoinMarketCap Related
Ethereum’s utility has not diminished, according to data from crypto analytics firm Santiment.
Indeed, the platform tweeted on March 16 that the number of daily active addresses (DAA) for Ethereum has remained stable over the last four months, despite the fact that the cryptocurrency’s price has fallen by around 35% over the same time.
Ethereum DAA. Source: Santiment The discrepancy between Ethereum’s DAA and its price has produced a bullish divergence for the leading smart contract platform.
Broader crypto market
Despite the fact that there have been significant events in the cryptocurrency space in recent days, Bitcoin (BTC) is enjoying a period of price stability.
As a result of Bitcoin’s rise above $40,000 on Wednesday, it is presently trading around the upper limits of the $33,000-$44,000 trading range that it has been operating inside since early January. The digital asset is currently changing hands at $40,724, up 0.52% in the last 24 hours and 3.89% in the previous week.
In that period, there have been a few modest spikes and drops, triggered by big global events such as Russia’s invasion of Ukraine, but no clear long-term trend has emerged for BTC.
The broader crypto market has chiefly tracked Bitcoin’s price movements, though some leading digital such as Cardano (ADA), and Solana (SOL) have suffered slightly greater losses despite recent developments on their networks, as investors shift their attention away from altcoins to the more risk-averse BTC.
The European Parliament’s decision on March 14 not to restrict cryptocurrency mining, as well as US President Joe Biden’s executive order last week promoting innovation and growth in the field, have all contributed to Bitcoin’s emergence as a store of value in times of geopolitical and economic turmoil.
Meanwhile, Ukraine’s President Volodymyr Zelenskyy recently signed into law a new measure that legalized cryptocurrencies in the nation in the wake of Russia’s invasion of the country.
Global crypto market cap
Finally, the global crypto market cap stands at $1.81 trillion on March 17, a 1.38% increase over the last day.
Global market cap 1-day chart. Source: CoinMarketCap The crypto market grew 2.91% in the previous 24 hours to $93.94 billion. DeFi 24-hour volume stands at $12.77 billion, or 13.59 % of the whole crypto market while stable coin volume is presently $78.66 billion, or 83.73%
