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Ethereum has struggled to sustain the all-important $2.5K level. It’s currently trading in a tight zone between $2.75K and $2.4K ever since May 10. It’s worth noting that even after the recent 9% decline in $ETH’s prices, the annualized premium stands at 6%. This means that $ETH futures are currently at a 6% premium compared to spot.
In simple words, traders are willing to pay more for $ETH than its spot price, indicating an overall neutral-to-bullish sentiment.
Read on as we discuss the ongoing market sentiments around Ethereum. We’ll also suggest the best crypto to buy now to ride the upcoming $ETH-fueled crypto rally. Ethereum’s Positive Market Data
A possible reason for the decline in $ETH’s price might be investors losing interest in dApps across the blockchain.
The total value locked (TVL) of the crypto industry is currently at $122B. This is 43% less than its all-time high in December 2021.
Even then, Ethereum dominates the TVL with a 54.2% market share. Out of this, 6.3% is added by Layer 2 on Ethereum. For comparison, Ethereum’s TVL is four times more than Solana and BNB Chain combined.
All in all, while there has been a drop in the overall industry’s TVL, Ethereum has managed to emerge as a dominant player.
Now, let’s compare the fees collected by Solana and Ethereum protocols. The top four dApps on Solana collected $356.3M in user fees in the last 30 days. Out of this, only $48.5M (13.6%) was collected as protocol fees. On the other hand, the top four dApps on Ethereum collected $169M in the last 30 days. 52% less than Solana. Out of this, $38.3M (22%) was collected as protocol fees.
This is primarily because many dApps on Ethereum run on the Layer 2 solution, which settles back to the Ethereum mainnet and shares revenue with validators, creating demand for $ETH.
So, while the prices may seem stagnant as of now, $ETH has still increased around 75% since mid-April. A solid consolidation is important for a sustained long-term price rally.
A break above the $2.75K resistance can propel $ETH towards its all-time high at $4K. If you want to prepare yourself for this opportunity in the best manner possible, here are some top altcoins you can invest in. 1. MIND of Pepe ($MIND) – Best Crypto to Buy Now to Identify Explode-Worthy Tokens
If you’ve been at sea trying to pick the next big crypto coin and want to supercharge your crypto investing career, MIND of Pepe ($MIND) is easily the #1 crypto you should buy.
$MIND is a cutting-edge AI agent that: Interacts with the crypto community – in a context-aware tone using relevant crypto and meme lingo – on online platforms like X Acknowledges their opinions and insights on specific meme coins Combines online chatter with on-chain activity data, like volume spikes, early investor funding, etc., to identify the next cryptos to explode.
As a $MIND token holder, you’ll enjoy exclusive access to the AI agent’s real-time actionable crypto investment advice.
Additionally, MIND of Pepe is set to ultimately reach a stage where it can create tokens from scratch. Early-bird access to these high-potential new cryptos is also a huge benefit of HODLing $MIND.
Luckily for you, MIND of Pepe is currently in presale. It has raised a whopping $11.9M, and each token is available for just $0.0037515.
However, make sure you move fast because the $MIND presale is ending in around 2 days from now. Here’s our guide on how to buy MIND of Pepe. 2. Solaxy ($SOLX) – First-Ever Solana L2 with $40M in Presale Funding
Solaxy ($SOLX) could be right at the center of the next surge in DeFi, seeing as it aims to revolutionize the Solana blockchain and restore its glory days.
Solana, in case you’re out of the loop, has been facing congestion and scalability issues thanks to $TRUMP’s success, which brought hundreds of thousands of new investors to Solana.
During peak activity hours, Solana is unable to process transactions, often resulting in failed transaction requests. Enter Solaxy.
Solaxy will build the first-ever Layer 2 solution on Solana, which will offload a lot of Solana’s transactions onto a sidechain, thereby reducing the burden on the mainnet.
Additionally, $SOLX will process transactions in batches rather than one by one. As is the case in conventional banking, batch processing will reduce the cost required per transaction, meaning Solana will become even more affordable than it is currently. With over $42.7M in early investor funding, the Solaxy presale has proven that investors are really looking forward to ‘Solana’s lifesaver’ going live.
If you want to join the tribe, buy $SOLX now for just $0.00174 each. Hurry up, though, because the presale is in its last stage and will close out in a couple of weeks. 3. Comedian ($BAN) – Controversial Artwork Gets Its Very Own Meme Coin
Comedian ($BAN) is a low-cap coin based on the infamous artwork of the Italian virtual artist Maurizio Cattelan.
The artwork, which you might have definitely seen floating around on social media, features a banana taped to a wall. Yep, that’s it!
Needless to say, this rather ‘bold’ display of artistic caliber drew in a lot of negative comments, especially from lovers of contemporary, old-school art that involved a lot of thought, skill, and, oh, brushstrokes.
Permissible or not, the mere controversy surrounding the art was enough for crypto degens to push the $BAN token to mainstream popularity.
With lifetime gains of over 100,000%, $BAN is currently one of the top trending cryptos. It has jumped more than 30% over the past month, and you can get one $BAN for just $0.06572 right now. Sweet Gains, But Spicy Market
Utility-backed presale cryptos like MIND of Pepe ($MIND) and Solaxy ($SOLX) can indeed offer you once-in-a-lifetime opportunities to become crypto millionaires.
However, the fact remains that the crypto market is highly volatile and unpredictable. No returns are guaranteed!
So, always jump in with a small amount and do your own research before investing. This article isn’t financial advice.