After a period of market consolidation, multiple large-cap cryptocurrencies are displaying indicators of bounce back. However, Ethereum has caught attention with its continued sluggishness.
According to data presented by Santiment today, Ether’s frustrated traders have seen other prominent tokens shine while Ethereum struggles to maintain its uplift.
📊 Ethereum’s frustrated traders have watched other top cap counterparts shine. In the past month, $ETH’s marketcap is -4.7%, while $XRP (+36.9%) & $SOL (+32.2%) thrive.
Read our breakdown on $ETH’s underperformance, and what realistic outcomes await. 👇https://t.co/0mqsB3NqKT
— Santiment (@santimentfeed) January 22, 2025
Ethereum catches the world’s attention
Recently, many large-cap cryptocurrencies recovered their previous losses and currently seeing green. The resurgence is being led by Bitcoin along with other prominent tokens on the back of increased enthusiasm in the broader market.
The recent announcement of more than expected positive inflation report last week and Trump’s swearing-in early this week have been the catalysts. As a result, most noteworthy digital assets witness impressive renewal of strength.
BTC has seen its price rise by 9.7% over the last 30 days, trading at $105,110 today at press time. The token recorded a 24-hour volume of $70.19 billion, boosting its market cap to a staggering $2.08 trillion.
However, Ethereum has attracted scrutiny as it is the only crypto within the top 10 assets, which has experienced a prolonged slump. Ether has been down 0.3% over the last 30 days to trade at $3,321.48 currently. That is a lot of disappointment for Ethereum, which at its height had reached a high of $4,007.69 on December 8, 2024.
Recently, Bitcoin’s recovery prompted significant uptrends across many cryptocurrencies in the top 10 market cap section. XRP and Solana have displayed an impressive monthly performance. XRP recorded an incredible 47.1% rise over the past 30 days to trade at $3.24 currently. Meanwhile, SOL increased by a remarkable 40.3% increase over the same period to read at $257.54, marking it one of the top gainers among large-cap assets.
Also, metrics indicate that Dogecoin has been enjoying an uptrend, with a 16.4% rise over the last month. While BNB, Cardano, and TRON have not recorded significant upsurge, they outperformed Ethereum in terms of monthly performance. BNB struggled with a mere 4.0% rise over the same duration. Cardano experienced a 13.3% increase to $1.01 while TRON saw a meager 1.9% growth over the same period.
Why Ethereum price remain down?
For some time now, Ether has been witnessing a significant downswing. Several investors recently expressed their concerns about why the prices of the biggest altcoin are losing strength.
The key factor contributing to the downside in the prices of Ethereum is a technical issue. Ether’s current struggles are majorly triggered by an increase in inflationary supply levels. Ethereum’s network’s supply has been rising since April last year. While the demand remains low, the supply of Ether has been increasing for the past 10 months.
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