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Ether (ETH) has underperformed other cryptocurrencies in recent months as the Ethereum blockchain has faced "intense" competition from other networks, Wall Street bank JPMorgan (JPM) said in a research report on Wednesday.The token lacks a compelling narrative like that of its larger peer bitcoin (BTC, the bank said, adding that bitcoin benefits from its perception as a store of value and as digital gold.See all newslettersDespite upgrades, such as Dencun, activity has shifted from the main Ethereum network to its layer 2's, which is detrimental to the blockchain's growth, the report said. The network's latest upgrade, Pectra, is likely to happen in early April."Competitive pressures have led some decentralized applications (dapps) to migrate from Ethereum to other application-specific chains for better performance," analysts led by Nikolaos Panigirtzoglou wrote.Examples include decentralized exchanges (DEXs) such as Uniswap, dYdX and Hyperliquid, the bank said. Uniswap's upcoming move to Unichain is important because it is one of Ethereum's "largest gas consuming protocols," and its migration could result in a significant loss to the network's fee pool, the bank noted.JPMorgan said this trend of dapps moving to other layer 2s or alternative layer 1s could negatively impact Ethereum by lessening activity on the main network, which could result in lower transaction fees and validator revenue.Layers 2s are separate blockchains built on top of layer 1s, or the base layer, that reduce bottlenecks with scaling and data. In terms of supply, this could make ether inflationary as "fewer transactions imply reduced token burning," the authors wrote.The bank noted that Ethereum's growth is behind that of competitors such as Solana, which saw a surge in activity linked to memecoins.The Ethereum ecosystem still dominates the stablecoin, decentralized finance (DeFi) and tokenization spaces in spite of these challenges, the bank said.The network could see increased institutional demand from tokenization enterprises but "competition from other networks is likely to remain intense in the foreseeable future," the report added.How to Fix Ethereum's Fragmentation Problem

Want to quickly grasp market trends and accurately capture buying and selling points? AI intelligent interpretation of K-line function, one click scanning of market trends, helping you gain insight into market trends! ✔ Intelligent analysis of K-line patterns and identification of key trend inflection points; ✔ Deeply analyze technical indicators and quickly analyze market trends; ✔ Accurately mark potential buying and selling points to reduce the risk of blind trading. According to the latest interpretation, BTC has shown a downward triangle shape in the 45 minute custom cycle, while the main selling pressure has increased, technical indicators are bearish, and short-term consolidation is the main trend. Attention should be paid to the risk of pullback, and the potential buying and selling points are: Buy point: 96150 USDT (Near recent low, may form support, and near the lower edge of the downtrend triangle, there is a possibility of rebound.) Long stop loss point: 95676.64 USDT (Breaking below recent lows, confirming the continuation of the downward trend and avoiding greater losses.) Sell point: 99120 USDT (close to recent highs and near the upper edge of the downtrend triangle, with selling pressure risk.) Short Stop Loss Point: 100777.93 USDT (Breaking through the recent high indicates the possibility of breaking through the downtrend triangle and reversing the trend upwards.) Whether you are a novice or a professional trader, AI interpretation of candlesticks can help you make faster decisions and seize market opportunities! Special statement: The above interpretation is for reference only!

According to the heat ranking, BERA's popularity and attention remain the same as yesterday, ranking third. The heat ranking is as follows: ① BERA （$7.563，656%） ② ETH （$2737.32，-3.48%） ③ SOL （$196.15，-2.89%） ④ LTC （$105.57，-1.96%） ⑤ ONDO （$1.40，-0.68%） AiCoin Contract Transaction Ranking Report: The Bitget 24H contract has a transaction volume of $2.211 billion, ranking fourth globally

According to BlockBeats, on February 7th, Binance founder CZ initiated a vote in X on whether BNB Chain should attempt to eliminate or actively reduce MEV issues.

Matrixport pointed out in the report that many traders may make emotional trading decisions, but Bitcoin always responds rationally to macroeconomic, monetary, and liquidity events. After Trump's victory in November 2024, both Bitcoin and altcoins surged due to market expectations that he would establish strategic Bitcoin reserves and position the United States as a global cryptocurrency center. However, the hawkish tone at the December FOMC meeting suppressed liquidity expectations. Market sentiment remained strong before Trump's inauguration on January 20th, but uncertainty gradually increased thereafter. Unlike the new DeFi cycle in the bull market of 2020/2021, the era of memes and Pump.fun has arrived. The two main beneficiaries of the Pump.fun meme craze are Solana and Ravdium, but as daily trading activity declines, the hype driven momentum quickly fades away. In the past 30 days, the daily issuance of memes on Pump.fun has decreased by 16%, indicating a weakening of speculative interest. A key factor contributing to this slowdown is the Trump meme, which has attracted a large number of retail investors to enter and purchase at unfavorable prices. Despite the recent surge in Ravdium (RAY) prices, there has been a significant trend: the number of wallets holding over 10000 SOLs has sharply decreased in the past two months, indicating that major players are shipping and may suppress the continued rise in SOL prices. However, this may also indicate that early whales who accumulated SOL before the end of the 2023 meme cycle are now cashing out and reallocating their earnings to Bitcoin. This round of movement can explain why Bitcoin remains resilient despite the overall downturn in the Shansai coin market.