Crypto X fades Ethereum as BTC and SOL prices surge in the Web 3.0 era of NFTs and data ownership.
Crypto X fades Ethereum as BTC and SOL prices surge

Exploring Ethereum’s Lagging Performance and Web 3.0

Ethereum’s recent performance has been the subject of much debate on Crypto X, as its price has lagged behind that of Bitcoin (BTC) and other strong-performing altcoins.

The Ethereum to Bitcoin price chart — which measures 1 Ether against 1 Bitcoin — dropped to its lowest level in two years (since April 28, 2021) on Dec. 20, according to CoinMarketCap. During the last bull market, the ratio peaked at 0.087 BTC on Sept. 12, 2021, but has since trended downward. In early 2023, the ratio was around 0.072 and has since decreased further.

Social media critics have suggested that Ethereum’s high transaction fees are prompting users to explore competitor chains with lower fees.

As Ethereum’s performance continues to be scrutinized, it’s worth exploring the potential of Web 3.0, a decentralized, data-driven platform that could be the future of cryptocurrencies. Web 3.0 could enable users to own and control their own data, access NFTs and explore a metaverse powered by Web 3.0. It could also offer a comprehensive list of cryptocurrencies and a chart to track their performance.

Web 3.0 and Ethereum Fees

On Dec. 20, Jason A. Williams, a Bitcoin proponent, declared that Ethereum is broken and that people no longer have to pay its fees. Data from BitInfoCharts attests to this, showing that Ethereum fees averaged around $11 on Dec. 19, while Bitcoin fees were more expensive at approximately $32. In comparison, Solana fees remain consistently under $0.01, according to CoinCodex.

Vitalik Buterin, one of Ethereum’s creators, recently stated that Ethereum would ultimately fail unless its transaction fees become cheaper, especially during bull markets. Despite this, some Ethereum bulls have come to its defense.

The concept of Web 3.0 is closely intertwined with the idea of decentralized cryptocurrencies, and the list of Web 3.0 cryptocurrencies is growing rapidly. NFTs, social media, and data ownership are all part of the new Web 3.0 metaverse. It is clear from the chart of Web 3.0 that NFTs and Web 3.0 are closely related, and that data is a major component of the new decentralized Web 3.0.

Ethereum and Solana (SOL) Trading Volumes

The Daily Gwei host Anthony Sassano is confident that Ethereum is undervalued in the current market, while Bankless co-host Ryan Sean Adams is “gobsmacked” at the negative sentiment he’s seen on Ethereum.

Meanwhile, Solana bulls have noticed that the SOL token has been doing well compared to other cryptocurrencies, including Ethereum, over the last three months, with a 12% increase to $83 in the last 24 hours, according to CoinMarketCap.

Some experts have also observed that Solana has surpassed Ethereum in decentralized exchange (DEX), stablecoin, and nonfungible token (NFT) trading volumes, leading some to suggest that Solana could eventually “flip” Ethereum.

Despite this, Ethereum still has the highest total value locked (TVL) on its network at $28 billion, compared to Solana’s $1.15 billion, according to DefiLlama. This shows that Ethereum is still a major player in the Web 3.0 space, with its NFTs, data ownership, and other features.

In addition, Ethereum’s market cap/ TVL (Mcap/TVL) ratio is 9.4 compared to Solana’s 30.45. Mcap/TVL is a commonly used metric to measure a blockchain’s intrinsic value and is often seen as an indication of a cryptocurrency’s potential for growth.

As Ethereum’s value is lower, it could suggest it is undervalued (relative to Solana) when considering the NFT web 3.0, decentralized web 3.0, and web 3.0 data ownership potential of Ethereum and other web 3.0 cryptocurrencies in the list.

The social media web 3.0 and web 3.0 chart also suggest that the NFT metaverse web 3.0 and web 3.0 data could be leveraged to increase the value of Ethereum, making it a more attractive option than Solana.

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