News Formal

– Here’s why the market doesn’t support the idea yet

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Ethereum has struggled to keep up with both Bitcoin and many of the altcoins, and its persistent downtrend outlines the market notion...

has performed poorly since April, especially compared to Bitcoin . As the leader of the altcoin market, some participants expect ETH to lead the altcoins’ bullish charge. As things stand, however, the altcoin is struggling to keep up with the market.The ETH/BTC chart has been on a marked downtrend since April 2023. Until April 2024, the lows from June 2022 at 0.049 were defended, but the persistent downtrend of the past six months took ETH/BTC to lows not seen since April 2021.

An inflationary ETH and its performance against Bitcoin challenge the idea that Ethereum is money. An uptick in activity could alleviate this problem, but the lack of market conviction in ETH can be exemplified by the ETH/BTC chart.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.

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