"I think from a pure on-chain perspective there has generally been an outperformance of network activity in both Bitcoin and Solana vis-à-vis Ethereum," Andre Dragosch, European Head of Research at crypto investment firm Bitwise, told CoinDesk.
"Transaction count on Bitcoin has outpaced that of Ethereum, which tends to be highly correlated with the relative performance," Dragosch said, noting that there had been "stronger on-chain capital inflows into bitcoin [than] ether."
"In this context, it's not so much a weakness of ether but rather a reflection of the broader market dynamics where bitcoin and Solana are leading the charge."
Bitcoin at press time was changing hands at $68,100, ahead 2.9% over the past 24 hours, while Ether continues to underperform, gaining just 1.1%.
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