- Ethereum’s increasing adoption and interest seems to be having a positive affect on the applications built on the network
- The total market cap of Ethereum and its ERC-20 tokens has been on a steady rise
- The increase is greater than the mean of the entire cryptocurrency market
Ethereum is the biggest name in cryptocurrency after Bitcoin. But when it comes to functionality and usage, its metrics transcend even that of Bitcoin. In spite of several ups and downs since its inception, Ethereum has slowly evolved into a stale and immensely capable infrastructure for the development of distributed or decentralized applications (dapps).
One of Ethereum’s earliest innovations was the token standard named ERC-20. It specified a list of protocols for any applications built on top of ERC-20. ERC-20 were immensely famous for their ICOs way back in 2017.
It would seem to the market that since then, the fire has died out. But recents stats say something else.
As shown in the metrics provided by coinmetrics.io, the market capitalization of Ethereum based ERC-20 tokens has been on the steady rise.
The tokens are enjoying all the recent attention Ethereum has been getting because of the gradual development in scalability, UI and myriad of other upgrades. It is t be seen if the trend will continue, but for now the tokens are definitely enjoying the indirect attention they are getting.