#美国经济软着陆？
"Why Ethereum lags behind Bitcoin in 2024? Three reasons explained"
1. ETH/BTC pair falls to 40-month low
The price of ETH has fallen to its lowest point in 40 months relative to BTC. Although Bitcoin has soared 36% this year, ETH has hardly moved. In the past 90 days, ETH has fallen by 34% relative to BTC, while Bitcoin has only fallen by 15%. What does this show? It shows that everyone in the market prefers Bitcoin, and ETH has been somewhat neglected.
In particular, since the US Securities and Exchange Commission (SEC) approved the Bitcoin spot ETF, the market's interest in BTC has been an order of magnitude higher than that in ETH. According to Glassnode data, the impact of the spot Bitcoin ETF on the market is far greater than that of the spot Ethereum ETF, which is also an important reason why ETH has been left behind by Bitcoin.
2. Bitcoin's market dominance is rising
Another reason is that Bitcoin's market dominance continues to rise. In 2024, Bitcoin's market share reached 58%, which is the highest point in 40 months. Bitcoin is becoming more and more powerful, and in comparison, ETH and other altcoins are less attractive. Market sentiment has clearly tilted towards Bitcoin, and investors are more willing to put their money into BTC rather than ETH.
3. Ethereum on-chain indicators are weak
The last point is that we can see it by looking at the activity on the chain. In the past 30 days, the number of daily active addresses on the Ethereum network has dropped by 7.7%, and on-chain transactions have decreased significantly. And according to DAppRadar data, the activity of Ethereum's decentralized applications (DApps) is not optimistic, down 19%. In contrast, the number of active users of Solana and Tron has increased by 257% and 343%, respectively. Obviously, ETH has fallen behind in user activity and network usage.
Summary:
For ETH to catch up with Bitcoin again, it may require more network growth and stronger user activity. If ETH can break through the $2,400 mark, it may usher in a wave of recovery. But at present, ETH's performance is temporarily difficult to catch up with BTC.
Brothers, this is my analysis today, simple and clear, right?
