In a recent report, market researcher and analyst DeFi Ignas has provided a detailed analysis of the current bearish and bullish cases for the leading altcoin, Ethereum (ETH), offering valuable insights into the cryptocurrency’s prospects. Factors Behind The Ethereum Underperformance Ethereum has struggled to keep pace with its crypto peers over the past two years, declining 47% against Bitcoin (BTC) and underperforming Solana (SOL) by 6.8x since the market lows of early 2023. According to Ignas, the reasons behind this underperformance are open to debate, but a few key factors stand out. Firstly, the “digital gold” narrative surrounding Bitcoin is easier for new retail users and institutions to grasp than Ethereum’s more complex story. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs Additionally, the rising prominence of Solana, which is catching up to or sometimes even surpassing Ethereum in active users, transaction volume, and mindshare, has put pressure on the leading smart contract platform. “Solana is a riskier (lower market cap) bet on smart contract adoption, while Ethereum is squeezed in between,” Ig ..
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