Ethereum, the largest of all altcoins, is losing a breathtaking amount of market share under a major assault from the competition as bear market sentiment saps demand. Ethereum is currently trading at $1,569. On the 15th, its market share in the whole virtual currency market fell to 7.18%. Ethereum’s market share is now down near Ethereum’s all time low of 7.09% — hit back in September of 2019. This trend is actually quite ominous for the long-term viability of the cryptocurrency.
Ethereum’s market share is down 67% from its ATH of $4,892. This contraction is rooted in a number of intersecting reasons. Investor confidence has taken a major hit, as the altcoin market faces a shocking new level of competition. Ethereum’s share of the total value locked (TVL) has evaporated. It fell from 61.2% in February 2024 to a paltry 51.7%, continuing its march downward and demonstrating the prevailing downward spiral.
The Ethereum ETF marketplace has recently seen a significant downturn. This is the first time investors have withdrawn capital for five consecutive trading days. On the 15th, specifically, $6 million was removed from Ethereum ETF.
"Etherium's market share is currently at the lowest level since 2019-2020," - Lekt Capital, cryptocurrency analyst
Greg Chipolo, global research director for New York Digital Investment Group Bitcoin is leaving ETH in the dust.
"Bitcoin is clearly widening the gap with Ethereum in the virtual currency market while the traditional market is collapsing." - Greg Chipolo, global research director at New York Digital Investment Group
Ethereum’s share of the entire cryptocurrency market is down to its lowest percentage since the 2019-2020 bull market. Its market dominance is on the verge of falling to an all-time low.
