{"id":649843,"date":"2024-10-26T05:30:53","date_gmt":"2024-10-26T05:30:53","guid":{"rendered":"https:\/\/wncen.com\/?p=649843"},"modified":"2024-10-25T12:38:45","modified_gmt":"2024-10-25T12:38:45","slug":"ethereum-underperforming-dont-blame-network-leadership","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-underperforming-dont-blame-network-leadership\/","title":{"rendered":"Ethereum Underperforming, Don’t Blame The Network Or Leadership: Here’s Why"},"content":{"rendered":"

Ethereum is the laggard in this bullish cycle. When Bitcoin soared to register fresh all-time highs, easing past $70,000 in March, ETH prices struggled to break $4,000. When it did, the best the coin could do was retest $4,100 before dumping hard. <\/span><\/p>\n

In the past seven months, after the second most valuable coin registered 2024 highs, it is down nearly 40%. Considering its performance over the past three months, there are concerns that Ethereum could post even more losses. Technically, this may be the case should it fail to breach $3,000 in the coming sessions.<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Don’t Blame Ethereum Or Its Leaders For ETH’s Underperformance<\/span><\/h2>\n

Taking to X, one analyst <\/span>thinks<\/span><\/a> ETH is trailing Bitcoin, Solana, and even Tron, not because of how the network is designed or its leadership. In his view, the dismal performance over the past seven months concerns the “uninformed” investors.<\/span><\/p>\n

Related Reading: Is The Cat Season Here? MEW Hits $1 Billion Market Cap After New ATH<\/a><\/div>\n

Admittedly, after prices peaked in March, Vitalik Buterin and the Ethereum Foundation have been offloading their stash. According to Dune, the foundation has been <\/span>transferring<\/span><\/a> coins regularly.<\/span><\/p>\n

\"Ethereum
Ethereum Foundation withdrawals | Source: Dune Analytics<\/figcaption><\/figure>\n

On September 6, they moved 1,000 ETH when the coin changed hands at $2,300. Most of these coins were sent to exchanges for liquidation. Although Buterin sells ETH from time to time, the co-founder has been selling meme coins<\/a> heavily and donating to various charities across the globe.<\/span><\/p>\n

Usually, whenever a senior executive or foundation sells, it is bearish. However, pointing to the analyst’s assessment, their actions, including many others centered on network improvement, aren’t a big concern. <\/span><\/p>\n

ETH To Be A Better Store Of Value Than Bitcoin For Growth?<\/span><\/h2>\n

 <\/p>\n

The analyst on X thinks ETH is falling because investors lack knowledge about the project’s fundamental strengths. Most importantly, the argument is that ETH can be a better store of value than gold.\u00a0\u00a0<\/span>The observer insists that Ethereum and Bitcoin compete, and claiming otherwise is a mistake. Both of these networks want to dominate the market eventually.<\/span><\/p>\n

Related Reading: Dogecoin Surges 16%, But Here\u2019s What DOGE \u2018Risk Indicator\u2019 Says About Rally<\/a><\/div>\n

So far, Bitcoin is the most valuable. On the other hand, Ethereum is the most active smart contracts platform, offering more versatility and is “richer” than the first blockchain. <\/span><\/p>\n

For ETH to grow in strength, it must establish itself as a superior store of value, better than Bitcoin. This will require the network to have strong supply dynamics and a greater focus on finance as a primary use case. Once this happens, ETH will be more attractive not only to investors but also to developers.<\/span><\/p>\n

\"ETH
ETH deflationary | Source: UltraSound Money<\/figcaption><\/figure>\n

For now, Ethereum is growing in strength, looking at ETH net deflation since EIP-1559, looking at <\/span>UltraSound Money<\/span><\/a>. At the same time, its roll-up ecosystem is booming, scaling the mainnet. Altogether, the coin could benefit in the long-term, pushing valuation higher.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Ethereum is the laggard in this bullish cycle. When Bitcoin soared to register fresh all-time highs, easing past $70,000 in March, ETH prices struggled to break $4,000. When it did, the best the coin could do was retest $4,100 before dumping hard. In the past seven months, after the second most valuable coin registered 2024 highs, it is down nearly 40%. Considering its performance over the past three months, there are concerns that Ethereum could post even more losses. Technically, this may be the case should it fail to breach $3,000 in the coming sessions. Don’t Blame Ethereum Or Its Leaders For ETH’s Underperformance Taking to X, one analyst thinks ETH is trailing Bitcoin, Solana, and even Tron, not because of how the network is designed or its leadership. In his view, the dismal performance over the past seven months concerns the “uninformed” investors. Related Reading: Is The Cat Season Here? MEW Hits $1 Billion Market Cap After New ATH Admittedly, after prices peaked in March, Vitalik Buterin and the Ethereum Foundation have been offloading their stash. According to Dune, the foundation has been transferring coins regularly. On September 6, they moved 1,000 ETH when the coin changed hands at $2,300. Most of these coins were sent to exchanges for liquidation. Although Buterin sells ETH from time to time, the co-founder has been selling meme coins heavily and donating to various charities across the globe. Usually, whenever a senior executive or foundation sells, it is bearish. However, pointing to the analyst’s assessment, their actions, including many others centered on network improvement, aren’t a big concern. ETH To Be A Better Store Of Value Than Bitcoin For Growth?   The analyst on X thinks ETH is falling because investors lack knowledge about the project’s fundamental strengths. Most importantly, the argument is that ETH can be a better store of value than gold.\u00a0\u00a0The observer insists that Ethereum and Bitcoin compete, and claiming otherwise is a mistake. Both of these networks want to dominate the market eventually. Related Reading: Dogecoin Surges 16%, But Here\u2019s What DOGE \u2018Risk Indicator\u2019 Says About Rally So far, Bitcoin is the most valuable. On the other hand, Ethereum is the most active smart contracts platform, offering more versatility and is “richer” than the first blockchain. For ETH to grow in strength, it must establish itself as a superior store of value, better than Bitcoin. This will require the network to have strong supply dynamics and a greater focus on finance as a primary use case. Once this happens, ETH will be more attractive not only to investors but also to developers. For now, Ethereum is growing in strength, looking at ETH net deflation since EIP-1559, looking at UltraSound Money. At the same time, its roll-up ecosystem is booming, scaling the mainnet. Altogether, the coin could benefit in the long-term, pushing valuation higher. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":645510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,83969,93148,16163,1946,78803,14164],"class_list":["post-649843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-eip-1559","tag-eth-inflation","tag-eth-price","tag-ethereum","tag-ethusdt","tag-store-of-value"],"acf":[],"yoast_head":"\nEthereum Underperforming, Don't Blame The Network Or Leadership: Here's Why<\/title>\n<meta name=\"description\" content=\"Ethereum is under pressure at press time. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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