ETH - Why Ethereum Underperformed Altcoins Today
Cryptocurrency markets continue to be extremely volatile this week, and right now tokens seems to be going in different directions. Some have spiked today on little more than speculation while others have dropped.
The value of Ethereum (CRYPTO: ETH) has dropped 4.5% in the last 24 hours as of 1:30 p.m. ET, continuing its post-Merge slide. Smaller cryptocurrencies had a much better day with XRP (CRYPTO: XRP) up 12.2%, Algorand (CRYPTO: ALGO) up 12.9%, and Celsius (CRYPTO: CEL) rising a modest 1.6%.
Ethereum seems to be coming under pressure on multiple fronts. JPMorgan said today that it sees pressure continuing on Ethereum due to a "hard fork" of the blockchain to remain on proof-of-work and the blockchain becoming less decentralized because of a small number of stakers who could control the network .
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Why Ethereum Underperformed Altcoins Today