Ethereum Lags Behind as L1s Outperform BTC
• Ethereum has underperformed Bitcoin by 4% in the past two weeks while most Layer 1 tokens have outperformed BTC.
• Native Token Returns show that Atom has outperformed BTC by 9.7%, Matic has outperformed BTC by 14.98%, SOL has outperformed BTC by 3.3%, DOT has outperformed BTC by 0.9%, and BNB has underperformed against BTC by -0.9%.
• ETH, however, continues to be the worst performer, having underperformed against BTC by -4.45%.
Ethereum Underperforming Against Bitcoin
Ethereum (ETH) has been a major underperformer against Bitcoin (BTC) in the last two weeks, with its price falling to its lowest level in three months relative to that of Bitcoin’s. While many layer-one tokens have performed better than Bitcoin over the same period, Ethereum remains the worst performer among them all.
Native Token Returns
The Native Token Returns for different layer-one tokens compared to Bitcoin are as follows: Atom (ATOM) – 9.7%; Matic (MATIC) – 14.98%; Solana (SOL) – 3.3%; Polkadot (DOT) – 0.9%; and Binance Coin (BNB) -0 .9%. Meanwhile Ethereum continues to be the worst performer with a return of -4.45%.
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About The Author
James Van Straten is an experienced research analyst at CryptoSlate who is passionate about data, technology and identifying trends within cryptocurrency markets across different asset classes.. He believes that bitcoin is one of the greatest inventions of 21st century and advocates freedom & technology maximalism alike..
In conclusion, ETH/BTC broke down to its lowest price level in three months and continues to underperform against BTC while majority of other L1s have seen positive returns over the same period of time though Ethereum stands out as the worse performer among them all with a return of negative 4.45%.