Odaily Planet Daily News Grayscale pointed out in a report that ETH's poor performance just shows that the crypto market is still focusing on fundamentals, which is a healthy signal. Its analytical framework believes that the Crypto market mainly distinguishes the value of smart contract platforms based on fees.
In the field of smart contract platforms, Ethereum and Solana both have relatively high fees and market capitalizations. Since the end of 2023, Solana's fee income and market share in the field of smart contract platforms have increased, while Ethereum has lost its main fee income and market capitalization position. In other words, due to changes in fundamentals, the market has appropriately repriced the relative value of Ethereum and Solana.