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3 reasons why Ethereum price is underperforming altcoins

Published 11/06/2023, 11:20 AM
Updated 11/06/2023, 01:00 PM
©  Reuters
ETH/USD
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Ether (ETH) price surged by 6.2% from Nov. 3 to Nov. 5, but the altcoin faces difficulty in breaking the $1,900 resistance. Despite the current bullish trend, Ether's 17% return over the last 30 days falls short of Bitcoin's (BTC) impressive 27% gain during the same period.

Analysts attribute some of Ether’s underperformance to uncertainty surrounding Consensys, a key player in the Ethereum ecosystem. Former employees have filed a lawsuit against the company and its co-founder, Joseph Lubin. Over two dozen shareholders of the Swiss-based holding company, Consensys AG, claim that Lubin, who is also a co-founder of Ethereum, violated a "no-dilution promise" made in 2015.

Ethereum network applications' total deposits in ETH. Source: DefiLlama
Ethereum network top DApps, 30-day active addresses. Source: DappRadar
Average 7-day daily ETH deposits at exchanges, ETH thousands. Source: CoinMetrics

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