Why ether underperformed bitcoin in 2024
Since January 1, bitcoin (BTC) has rallied 127% while its nearest rival, ether (ETH), trailed way behind at just 47%. A year-end review is in order to understand why Vitalik Buterin failed to lead ETH to outperform BTC and other major assets in 2024. For context, tether’s (USDT) market capitalization increased 52% this year. ETH’s market cap even failed to outperform a stablecoin. It has also underperformed XRP, BNB, SOL, and even DOGE. Embarrassment is setting in. Generally speaking, crypto assets are ending the year on a high note. Without exception, the market cap of every top 10 asset has outperformed the S&P 500’s 23% year-to-date rally. Respectably, ETH bidders lifted $4,000 offers for the first time since 2021 and suffered no major hacks or downtime. But why did ETH fail to outperform BTC so disappointingly? Here are ETH’s wins, losses, and major developments from 2024. Read more: Did Vitalik Buterin’s girlfriend stall Ethereum development? ...