• stETH’s supply on exchanges declined while supply outside of exchanges went up.
• ETH’s 24-hour chart was red, but market indicators remained bullish.

After a bullish week, Ethereum’s [ETH] daily chart has turned red as its price went down. Another interesting development in the Ethereum ecosystem was how the popularity of liquidity staking increased over the last few months. Is Lido Staked Ethereum [stETH] becoming the next favorite token of investors?

Read Ethereum’s [ETH] Price Prediction 2023-24

stETH’s popularity is impressive

Glassnode’s recent tweet revealed that stETH’s popularity has been on an increasing trend since the Shanghai update. As per the tweet, Lido’s stETH maintains an impressive dominance, with DeFi capital flows suggesting it has become a preferred collateral asset. The total number of new addresses holding stETH has risen sharply over the last few months, which looked optimistic.

Santiment’s chart revealed that stETH’s supply on exchanges plummeted over the last month. While this happened, its supply outside of exchanges went up, which was an optimistic update. Additionally, its total number of holders also rose, further proving its increasing popularity among investors. 

Ethereum’s daily chart is red

Amidst all this, Ethereum was enjoying a comfortable bull rally. However, the token’s uptrend ended as its price declined slightly in the last 24 hours. According to Go to Source to See Full Article
Author: Dipayan Mitra

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details