BTC - Should You Buy Ethereum While It's Still Underperforming the Market?
2023-11-14 06:40:00 ET
At first glance, Ethereum (CRYPTO: ETH) , the world's second-most valuable cryptocurrency, seems to be having a banner year. Ethereum is up 57% and appears to be gaining momentum heading into the final weeks of the year. Over the past 30 days, Ethereum is up more than 20%.
But context matters, and right now, Ethereum is badly underperforming the crypto market. Bitcoin (CRYPTO: BTC) , for example, is up a spectacular 112% this year. And other top cryptocurrencies are similarly posting triple-digit gains in 2023. All of this has complicated the decision-making calculus around Ethereum, which now looks like a market laggard. If you are thinking about buying Ethereum, this is what you need to know.
What's particularly puzzling about Ethereum this year is that it's just so hard to pinpoint exactly why it's underperforming Bitcoin and other top cryptos. Heading into 2023, Ethereum seemed to be riding a wave of momentum after pulling off The Merge, which was widely hailed as one of the greatest technical achievements ever in the blockchain world. As a result of The Merge, Ethereum changed its overall blockchain infrastructure , all with the goal of reducing transaction fees, boosting transaction processing speeds, and improving overall efficiency.
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Should You Buy Ethereum While It's Still Underperforming the Market?