Ethereum has been underperforming in comparison with the rest of the market and continues to be weaker. The digital asset is currently trading at $129 after an overall market bounce but posting significantly lower gains than other major cryptocurrencies although it remains ranked 2nd by market capitalization.
According to IntoTheBlock, more than 30 million Ethereum addresses are at a loss even after the recent bounce. The last 2 months have been particularly damaging to Ethereum’s price which dropped from a high of $194 back in November to a low of $116 just a few days ago.
Back in October, only 86% of Ethereum addresses were at a loss and holding was at an all-time high. Now after ETH has dropped below $130, only around 4,000 addresses are ‘in the money’ according to IntoTheBlock statistics.
The report also shows that Bitcoin holders are significantly better than Ethereum holders and that the majority of Ethereum users bought ETH above $200 which is far away from the current price.
PlusToken Scam Continues to Heavily Influence ETH’s Price
PlusToken was one of the largest scam projects in the cryptocurrency market and has been a crucial factor in Ethereum’s price. Just recently, scammers moved around $100 million worth of Ethereum into an unknown wallet. According to different reports, PlusToken scammers haven’t directly dumped Ethereum’s price but have caused a lot of FUD.
Despite all the uncertainty, Ethereum is still experiencing the largest growth when it comes to new addresses being created.
Just recently, IntoTheBlock reported that Ethereum was still at the top with 38,000 new addresses being created while the top 2 had only 4,511.
Ethereum has been losing a lot of market dominance over the last 2 years and it’s currently down to 7.27% from its all-time high of 31.1% back in 2017. Meanwhile, Bitcoin continues to dominate and has reached a market dominance of 69% again.
Ethereum has also recently conducted its Istanbul Hard Fork successfully and it’s already getting ready for the next one as a part of Ethereum’s transition from the current PoW consensus algorithm to the PoS.