Ether’s price has returned to the 1,600 USD level, last seen during its 2021 rally. This comes alongside a notable increase in stablecoin supply on the Ethereum network.
Since January 2021, the total stablecoin supply skyrocketed from 22 billion USD to 123 billion USD, signaling a shift in market conditions.
Developer activity in the crypto space is at its lowest since 2018, raising concerns about innovation. Meanwhile, Bitcoin (BTC) price is consistent around 83,600 USD, with a 1.9% recent increase.
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