As May approaches, anticipation is building around the potential approval of an Ethereum (ETH) spot ETF. This development has captured the attention of traders and investors, with Ethereum’s status as the second-largest cryptocurrency by market cap suggesting significant potential benefits.
However, despite the excitement, ETH has been struggling to keep pace with Bitcoin (BTC) in recent times. This 3-year low ETH/BTC exchange rate challenges what enthusiasts call “the flippening”- a hypothetical scenario where Ethereum surpasses Bitcoin as the dominant cryptocurrency by market capitalization.
Several factors are contributing to this underperformance. One key reason is the decline in activity on Ethereum’s network. The number of active users and the overall transaction volume on ETH’s decentralized applications (DApps) have both dropped significantly.
This decline is concerning because DApps are the heart of the Ethereum ecosystem. They are the platforms that
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