Ethereum’s market dominance has plummeted to its lowest levels, currently standing at 13%. This decline in market share can be attributed to various factors such as weakening demand, increasing supply, and the surge in Bitcoin’s dominance.
In comparison to Bitcoin, Ethereum has been lagging in performance over the past year. While Bitcoin has seen a significant 120% year-on-year gain, Ethereum has only managed to achieve around a 50% increase in value. As a result, Ethereum’s market dominance has taken a hit, dropping to 13.85% from its yearly high of nearly 20%.
One of the key reasons behind Bitcoin’s rising dominance is the high demand for spot Bitcoin exchange-traded funds (ETFs). Data from SoSoValue indicates that spot Bitcoin ETFs currently hold over $57 billion worth of BTC, showcasing strong institutional interest and positive price performance.
On the other hand, Ethereum has been facing selling pressure from whales, with large addresses depositing significant amounts of ETH to exchanges. The Ethereum Foundation has also been selling ETH worth over $10 million since the beginning of the year, contributing to Ethereum’s underperformance.
Additionally, Ethereum has recorded low demand for its spot ETFs, with outflows totaling $849 million since their launch in July. The lack of new inflows for ETFs such as the BlackRock spot ETH ETF and the Fidelity Ethereum Fund has failed to drive gains for Ethereum, further diminishing its dominance.
Moreover, Ethereum is grappling with a rising supply as the coin transitions into an inflationary phase. Data from Ultrasound Money shows that over 43,000 ETH tokens were added to the circulating supply in the last 30 days, leading to an annual inflation rate of 18%, the highest level since August.
The combination of these factors has resulted in Ethereum losing its market share to Bitcoin and other altcoins. The lack of fresh demand to absorb the increasing supply may exert further sell-side pressure on Ethereum, potentially causing it to trade rangebound unless new buyers enter the market.
Market sentiment towards Ethereum has also weakened, with most traders taking a bearish stance while institutions remain bullish, according to Market Prophit. This divergence in sentiment reflects the challenges Ethereum is currently facing in maintaining its dominance in the cryptocurrency market. The world of technology is constantly evolving, with new advancements and innovations being made every day. One such advancement that has taken the tech world by storm is the development of artificial intelligence (AI). AI is a branch of computer science that aims to create intelligent machines that can think, learn, and problem-solve like humans.
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