Try Quests to earn SOLETH Down Bad
Introduction
Ethereum is an open-source blockchain platform that supports smart contracts and is completely decentralized. The platform's original cryptocurrency, Ether, is named after it. Ether has a market capitalization that is second only to bitcoin among cryptocurrencies. Vitalik Buterin, a Russian computer programmer, came up with the concept of Ethereum in 2013.
Conversion of one cryptocurrency to another After a report by CoinDesk in early November 2022 highlighted potential leverage and solvency concerns involving trading firm Alameda Research, FTX abruptly shut down. While FTX was in the midst of a cash crunch and a search for rescue funding, rival exchange Binance considered purchasing a stake in the company but ultimately decided against it. The CEO of FTX resigned and the company declared bankruptcy on November 11th, 2022.
Method
In the current dashboard I used fact_token_prices_hourly tables on Flipsidecrypto’s database to find the average price of assessed tokens.
Then by use of core.fact_swaps tables calculated the swap volume for each token.
Also, tacked the ETH transfer state by ethereum.core.ez_eth_transfers table over time.
The period time was selected over past 30 days.
The assessed tokens to comparable with ETH are ATOM, MATIC, SOL & ALGO that except MATIC that is a L2 token, others are the major L1 tokens.
This dashboard has been set up with ATOM by default as a comparable token, but you can change it to other offered tokens after log in to Flipside, by above tape.
Note: I found that the parametrized dashboards doesn’t work after publishing, So I hope to settle the problem by FB’s support team.
✍🏻 Conclusion
As of Findings above:
- Over the past 30 days, the price of approximately whole of tokes dropped, affected by FTX’s demise.
- Like other cryptocurrencies, ETH has been hit by the market crash triggered by the collapse of the FTX (FTT) exchange.
- Since November 6th Ethereum and Top other tokens have declined in value sparkly.
- The global macroeconomic backdrop will keep playing a big role in determining crypto market momentum and, ultimately, the Ethereum price.
- Selected token (ATOM by default) less affected than ETH from FTX’s fallout.
I want to appreciate ==jackguy#1653== because of the inspiration on his dashboard.
And finally, I’m glad to share this research with those who care about this issue via Twitter link, and will be pleased by your comments.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
ETH Price Sank
The price of Ethereum has sank in recent days:
how does it compare to other tokens amid a general market downturn?
Can you find evidence of any potential causes for ETH's struggle? Are there any other indicators that could help us predict whether/when it could recover?
Assessed Metrics:
> * 30 Day Return Price Percent > * Daily Average Price, MA 7, 100 & 200-day > * Swaps Volume and Swaps Transaction Count > * ETH Transfer State
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I'm Hamed, a civil engineering Ph.D.
student interested in data analysis.
I've made many similar dashboards and visualizations since I started at Flipside in January.
Please take a look at my various contact details and let me know what you think.
:mag_right: Findings:
- Since November 6th Ethereum and Top market tokens have declined in value sparkly.
- In the past 30 days, the tokens in the graph right indicate the return percent was in the range from 0.7% - 56% down in the past month.
- The events of FTX seem to be the catalyst of the drop in the price of these tokens
Ethereum price noted a 33.17% decline when the market took the heat from FTX’s collapse (Fell down from $1640.96 in Nov 5th to $1.109.57 in Nov 22th)
The news saw ETH plunge from a daily high of $1,574.80 on 8 November to a low of $1,073.29 the following day, before making a week recovery to trade at around $1,110 by 22 November.
The following graphs show the various moving average (MA) that calculated by diference of present day and past 100 days for MA 100-day, for example.
As can be seen for the selected Token (ATOM by default) MA100 are above the MA200 but in ETH this not happened yet.
Whilst, we know when the distance between current price and MA100 & 200 go extend, the price tried to reach the MAs, so can expected a little recovery on ETH price maybe to around $1500.
:mag_right: Findings:
The visuals in this part present an overview of transferring transactions on Ethereum.
The effects of FTX's bankruptcy on transferring activities are dramatically observable.
As can be observed, the transferred volume peaked at 9.1M ETH on Nov 9th, and the Maximum transferred amount took place on this day.
The acceleration of the growth of transferred volume shows the effects of FTX’s event.
Over 100 million ETH has been transferred in the last month, a large portion of which has been impacted by FTX's demise.
So, let's see where that has gone.
:mag_right: Findings:
Attempts have been made in this section to track the transferred ETH.
The most percent of transfer ETH transactions destination are unknown (60.5%).
14.1% of that transferred to dapps, and 11.6% of that transferred to cex (Centralized Exchanges).
Meanwhile, in terms of volume, the other thing are observable.
Although, 45.5% of transferring destinations are unknown, but the huge amount of that transferred to cexs (36.1%).
As of chart right, can be seen the most transferred volume took place on FTX’s bankruptcy week.
:mag_right: Findings:
The graphs on the right show the swap volume in terms of bought, sold, and net swapped volumes of ETH and selected tokens (ATOM by default). As can be seen, FTX's bankruptcy on November 7th had a significant impact on the price of ETH, so that the sold volume in November 8, 9, and 10 reached a new all-time high, and peaked at more than 20 million ETH on November 10th compared to only 1.5 million ETH bought. On the other hand, there is no discernible difference between sold-out and bought-out ATOM these days.
:mag_right: Findings:
The line charts above show the growth of sold, bought, and net volumes of ETH and ATOM.
As can be seen, the volume difference between sold out and bought ETH is too large, resulting in a net swapped volume of approximately 87.5 million sold out ETH, whereas this gap for ATOM is too small.
The charts right present the swaps transaction count and cumulative state over time.