Crypto Daily – Despite the launch of the Spot ETFs, the $ETH price has continued to seriously underperform , as well as many of the large cap altcoins. Is this about to change?
Ethereum still the dominant layer 1 for smart contracts
Ethereum (ETH) was a poster child of the last bull market. It’s the number 2 cryptocurrency by market cap, and the heir apparent to become the foremost layer 1 blockchain for the majority of future dApps.
However, changing from proof-of-work to proof-of-stake consensus, the inability to accomplish the necessary scaling and speed, and the rise of its major competitor in , have meant that the Ethereum journey has been fraught with difficulties.
All this said, Ethereum is still very much the dominant layer 1 for smart contracts, it still has a preponderance of developers, and the $ETH price surely cannot continue to wane against the other major cryptocurrencies.
$ETH bounces from critical support
Friday is looking…
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