- Ethereum has outperformed Bitcoin in year-to-date growth.
- Overall interest in Ethereum NFTs and its ecosystem has decreased significantly.
Ethereum [ETH] 2024 has been a turbulent time, with prices fluctuating significantly during this period. Despite the volatile trajectory of ETH's price movements, ETH has still managed to outperform BTC.
Ethereum rises to the top
According to Artemis data, Ethereum could not only surpass Bitcoin in 2024, but also tokens from other sectors such as AI, data services, and RWA (real-world assets).
Source: X
Interestingly, Ethereum’s price rise over the past year has been driven by retail investors.
AMBCrypto analyzed Santiment data and found that addresses holding between 0.1 and 10 ETH had been accumulating large amounts of ETH over the past few months.
In contrast, whale investors were observed to be selling their holdings and showing no interest in accumulation.
This could be a positive for Ethereum in the long run, as the presence of a large number of retail investors could make the Ethereum network more decentralized.
However, in the short term, large-scale sales by whales may have a negative impact on ETH price movements.
Source: Santiment
At the time of writing, ETH is $3,765.89 And its price has increased by 0.21% in the past 24 hours. Despite the price surge, network growth has slowed sharply in recent days.
The decline in network growth indicates that new addresses are transacting ETH much less frequently.
If new addresses continue to lose interest in ETH, it could have a negative impact on the price of ETH in the long run.
Additionally, ETH transaction velocity has also slowed, suggesting an overall decline in ETH transactions.
Source: Santiment
Network Activity
Another factor is the overall health of the Ethereum ecosystem.
Ethereum [ETH] Price Forecast 2024-25
According to an analysis of Santiment data by AMBCrypto, daily active addresses on the Ethereum network have decreased from 630,000 to 430,000 in the past few weeks.
This indicates that users are migrating to other networks and platforms.
