The following is a guest post and analysis from Shane Neagle, Editor In Chief fromThe Tokenist.
Since the fertile but somewhat fraudulent initial coin offering (ICO) frenzy in 2017, Ethereum (ETH) remains second only to Bitcoin, now at 9x lesser market cap. Over the last five years, Ethereum had an average annualized return at nearly 60%, which is neck and neck with Bitcoin.
However, over the last year, there has been a noticeable shift in Ethereum’s valuation, especially against rival blockchains like Solana (SOL). Compared to Bitcoin, which returned 33.73% over a one-year period, Ethereum yielded nearly 50% loss. At the present price, ETH reverted to October 2023 price level.
BTC vs ETH vs SOL over one year performance. Image credit: CryptoSlate via TradingView
What is immediately noticeable is that alternative proof-of-stake Solana has large and frequent spurts of inflows, while Ethereum tends to go down without such rallies. Representing decentralized finance (DeFi), Ethereum now
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