According to CryptoQuant, since the transition to the Proof-of-Stake consensus algorithm, Ethereum has lagged behind the cryptocurrencies Solana and BNB by 53% and 18%, respectively.
“Next week marks two years since the Ethereum network switched to Proof-of-Stake in an upgrade known as Merge. Since then, Ethereum has lagged behind Bitcoin by 44%, and the main reason for this is low on-chain activity,” the analysts said.
The overall volume of transaction fees is decreasing due to the Dencun upgrade, which has contributed to a reduction in the rate of asset burning, and, consequently, an increase in inflation in the network, experts believe.
According to analysts, the vast majority of traders and investors prefer Bitcoin to Ethereum, which is reflected in the volume of spot trading on the market. CryptoQuant believes that the fall of the second-largest cryptocurrency by capitalization will continue in September.
Earlier, CryptoQuant stated that a rare positive correlation had formed between Bitcoin and altcoins. According to experts, most assets are now moving in sync with the first cryptocurrency.
Source: Bits
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