Everything but ETH seems to be rallying, even though Ethereum’s DApp volumes are surging. What gives?
Ether (ETH) price has struggled to maintain levels above $3,200 between Sept. 13 and Sept. 19. However, onchain metrics have improved, particularly when compared to some of Ethereum’s direct competitors. Traders are now questioning how long it will take for Ether to resume its bull run, given its dominance in fees and network deposits.
Blockchains ranked by 30-day DApps volumes, USD. Source: DappRadar
No blockchain comes close to Ethereum's $149.9 billion in onchain volumes over the past 30 days. The second-largest competitor, BNB Chain (BNB), reached only $26.6 billion, 82% smaller despite offering much lower transaction fees. More importantly, Ethereum’s activity grew by 37.7% over the past month, while BNB Chain saw a 6% decline in volume.
