- Ethereum has surpassed Bitcoin in terms of annual growth rate.
- There has been a significant drop in overall interest in Ethereum NFTs and its ecosystem.
Ethereum (ETH) has had a turbulent year in 2024, with its price seeing massive fluctuations during this period. Despite the unstable trajectory of ETH price movements, it still managed to outperform BTC.
Ethereum comes out on top.
According to data from Artemis, Ethereum not only outperformed Bitcoin in 2024, but also outperformed the token in other sectors such as AI, data services, and Real World Assets (RWA).
Source: X
Interestingly, the surge in Ethereum prices last year was driven by retail investors.
AMBCrypto’s analysis of Santiment’s data shows that addresses holding between 0.1 and 10 ETH have accumulated a large amount of ETH over the past few months.
In comparison, whale investors were observed to sell their holdings and show no interest in accumulating them.
This could be positive for Ethereum in the long term, as the presence of multiple retail investors could make the Ethereum network much more decentralized.
However, large selling by whales may have a negative impact on ETH price movements in the short term.
Source: Santiment
At press time, ETH was trading at the following prices: $3,765.89 And its price has surged 0.21% in the last 24 hours. Despite the price surge, network growth has plummeted over the past few days.
The decrease in network growth indicates a significant decrease in the frequency of ETH transactions from new addresses.
If new addresses continue to lose interest in ETH, this could have a negative impact on the price of ETH in the long term.
Moreover, the transaction speed of ETH has also dropped, which means that the overall transactions of ETH have decreased.
Source: Santiment
activity on the network
Another factor is the overall health of the Ethereum ecosystem.
Read Ethereum (ETH) price prediction for 2024-25
AMBCrypto’s analysis of Santiment data shows that daily active addresses on the Ethereum network have decreased from 630,000 to 430,000 over the past few weeks.
This indicates that users are moving to other networks and platforms.