, which gained more than 200% to its value ahead of the Merge, is not showing anything exceptional in the last few days as the asset's value plunged by more than 12%.
Cardano also remained anemic with less than 5% of the average daily volatility and fading trading volume. Despite being one of the alternatives to Ethereum in terms of network usage and purpose, investors do not seem to be interested in Hoskinson's blockchain which, in fact, provides numerous advantages to developers and users.
In the last few weeks, Ethereum beat the majority of the cryptocurrency market by more than 50% in terms of price performance, and the Merge is probably the main reason for it. Ethereum-unrelated factors mostly caused the correction we are seeing today, like negative sentiment among investors and the overall depression on the digital assets market.
Bitcoin cannot be used for building decentralized applications, NFT collections and other solutions that will increase its usage. The scalability of the network is also a big issue. That is why the most popular and only usage for is payments. With relatively low fees, users are able to transact almost any volume overseas and avoid usage of third parties.
The PoW mechanism is often considered the one and only way to provide real value to digital assets as they acquire a certain cost basis and should not drop below it. Unfortunately, this thesis was debunked numerous times when the price of the first cryptocurrency plunged below the 1 BTC mining cost level.
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