Ethereum [Eth]: Despite the high volatility, Ethereum asserts itself with dominant market capitalization and optimism of the dealers

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Ethereum [Eth] recorded remarkable growth in the second quarter of 2023 despite high volatility and regulatory challenges. Ethereum's market dominance has increased, although regulating measures of the SEC against large stock exchanges such as Coinbase and Binance caused concerns about the legal status of assets.

A decisive factor for the growth of Ethereum was the strong tokenomics of ETH. In the course of the quarter, the consumption of basic fees increased by 58 %, which led to the burning of around 380,000 ETH. This reduced the overall offer to ETH and led to scarcity and potential price pressure. The net eteth consumption also increased significantly, from around 80,000 to around 230,000.

Another important aspect was the increase in gas prices, triggered by the excitement around the PEPE project. The increasing returns of the validators to impressive 6.1 % led to more tributaries in the contracts. In May and June, the highest net rivers of all time were recorded with 3 million and 1.9 million ETH, which further advanced growth and commitment to staking in the Ethereum network.

In addition, the number of validators in the Ethereum network increased significantly. Last month the number of validators increased by 8.81 %.

These positive developments and the growing interest led to an optimistic outlook for the dealers for the future of Ethereum. The falling put-to-call ratio of the ETH indicates that at the time of printing, the number of calls exceeded the number of PUTS.

The new European Law Markets in Crypto Assets (Mica) will also also contribute to the further increase in the market capitalization dominance of Ethereum. Mica focuses on crypto-asset providers and their reporting requirements and is intended to update the block of the block in relation to various digital financial aspects.

Overall, Ethereum looks optimistically into the future despite volatility and regulatory challenges. The growth of use, strong tokenomics and the increasing number of validators strengthen the position of Ethereum as a leading cryptocurrency.