ETH - Ethereum Once Looked Unstoppable. But It's 1 Crypto I'm Avoiding in 2024
2024-01-05 08:15:00 ET
Heading into 2023, Ethereum (CRYPTO: ETH) looked unstoppable. Ethereum had just pulled off The Merge, which was often cited as one of the greatest technical accomplishments of 2022. As a result of The Merge, which made the entire network much less energy intensive, Ethereum appeared to be well positioned to continue its dominance in just about every meaningful niche of the blockchain world.
However, since August 2022 -- one month before The Merge -- Ethereum is only up 10%, at a time when other cryptos posted stellar triple-digit returns in 2023. From my perspective, Ethereum suddenly looks very vulnerable, which is why it's one crypto I'm avoiding in 2024. Let's take a closer look.
Ethereum just released its new strategic roadmap for 2024, and I'm not impressed. Even Ethereum co-founder Vitalik Buterin acknowledges that there are only minor changes planned for the year ahead. The primary focus is on resolving some of the blockchain design problems that resulted from The Merge. Fair enough -- it's probably expecting too much from Ethereum to come up with a wildly new strategic roadmap after a breakthrough achievement like The Merge.
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Ethereum Once Looked Unstoppable. But It's 1 Crypto I'm Avoiding in 2024