Even dogs don't play with Ethereum? Why is Ethereum as dead as ever throughout 2024? In fact, the overall altcoin market this year is not doing well, and the same is true for Ethereum, the leader of altcoins.
ETH is trading only 0.02% higher than its opening price on January 1, while Bitcoin has soared by about 36% in 2024. It's not as fast as others, but it's falling more than others. Isn't it infuriating? Ethereum has fallen 34% in the past 90 days, underperforming Bitcoin, which has only fallen 15% in the same period. The ETH/BTC ratio has also fallen by about 22% in the past three months, reaching a multi-year low of 0.04057 on September 11.
The decline in the ETH/BTC ratio indicates that there is insufficient demand for Ether, and investors prefer Bitcoin to ETH. Specifically, the U.S. spot Bitcoin ETF has been more successful than the spot Ethereum ETF to a large extent since it was approved by the U.S. Securities and Exchange Commission (SEC) on January 10.
Whether the performance is good or not depends on the comparison with peers. Ethereum has been really bad recently. The active addresses of Ethereum DApp have dropped by 19% in the past 30 days. During the same period, the total number of UAWs of competing blockchains such as Solana and Tron increased by 257% and 343% respectively.
