In times of World War III, inflation, recession and energy shortages, most investment products will suffer heavy losses. Stocks, gold, and mostly cryptocurrencies have been greatly affected by the troubling atmosphere around the world.
Ether is down about 64% year-to-date, Bitcoin is down about 58% year-to-date, best brokers A team of analysts decided to investigate blockchain transaction data to find out how this drop would actually affect cryptocurrency users.
Raw data queried from Dune Analytics shows a significant increase in interest in Ether as the number of active Ethereum users increased by more than 36% in Q3 2022 compared to Q2 2022. clearly shows that In fact, this is his first positive quarter since Q4 2021, when the price of Ether rose to his all-time high of just over $4,890.
BestBrokers analyst Alan Goldberg commented:
“The Ethereum 2.0 update went live just three weeks ago. While it has certainly increased interest in the Ethereum network, it cannot justify such a large uptick. Other factors have to be taken into consideration, such as the fact that the record low of the stock seemed like a bargain to many retail investors.”
The long-awaited Ethereum 2.0 update has definitely had a positive impact on Ethereum user numbers. However, it was completed late in Q3 2022, so it’s not the only reason for the upward trend. Expectations and news in mid-July confirmed that the last update date arguably contributed to the increase in trading, but that low was seen later in Q2 2022 with the Ether price falling below $900. We must also take into account the fact that it must be like a bargain discount for optimistic investors. Since then, the price has risen steadily, touching the $1,000 resistance a few times, but in August 2022, it surpassed 100% and he climbed to just over $2,000.
Despite its current price of about $1,360, or about 33% below its August high, Ether has shown large price swings typical of most cryptocurrencies. After all, price volatility and high trading volumes are among the factors driving investor interest in the cryptocurrency market, and that is exactly what Ethereum offered in Q3, with the market positive. It clearly shows that the trend may return.
Allan also added that the 36% increase in active users in just three months could very well be interpreted as a sign of a return to positive trends in the cryptocurrency market. . he saysThe fact that the number of active users is more than 14% higher than in Q4 2021, when both Bitcoin and Ether prices hit all-time highs, has fueled crypto analysts’ expectations that the market has a huge potential to rise again. Just reinforce. ”