Currently, Ethereum (ETH) is trading at $2,075.33, which represents a decrease of $15.38 (or 0.74%) compared to the previous close. During the day, the price fluctuated between a high of $2,098.22 and a low of $2,039.76.
Over the past three months, Ethereum has experienced a significant decline in value, losing about 40% of its price. This drop is attributed to several factors:
• Competition from other blockchain platforms: Networks like Solana and Cardano are attracting investor attention due to higher transaction speeds and lower fees.
• Decreased interest in decentralized finance (DeFi): Previously, Ethereum was the foundation for many DeFi projects, but there is now a reduction in activity in this sector.
• Rise in popularity of meme coins on other blockchains: Many new meme coins are being launched on alternative platforms, diverting attention from Ethereum.
Despite these challenges, Ethereum continues to be a key player in the cryptocurrency world, especially in the fields of DeFi and NFT. Investors are advised to closely monitor developments and assess the long-term prospects of the platform.