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Ethereum Faces Bearish Pressure Amid Market Uncertainty. (Photo Illustration by Budrul Chukrut/SOPA ... [+] Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
Less than two months into Trump's presidency, Bitcoin has entered a bear market, impacted by a broader downturn in global stocks. After recently reaching a six-figure all-time high, the biggest cryptocurrency by market cap has now dropped to approximately $80,000, marking a decline of nearly 25% from its January peak. This abrupt but recurring trend highlights a key reality: the Web3 space remains heavily influenced by speculation and market hype.
However, I have some optimism to share after our team wrapped up a fruitful and constructive engagement at ETHDenver, one of the largest annual Ethereum and Web3 gatherings, blending hackathons, conferences, and community-driven innovations.
ETHDenver Prioritizes Innovation Over Hype
Like everywhere else, AI (and decentralized AI) was a significant topic of discussion at ETHDenver. The difference, however, is that attending ETHDenver reaffirmed my faith in what we are building. At the very least, it proves that we are clear about what we are doing.
Having traveled the world for crypto events over the years has left me with mixed feelings. I am sometimes confused and puzzled by how blatantly some projects and investors run solely on narrative rather than actual innovation or tangible products. It is jaw-dropping to see how often grandiose ideas take precedence over pragmatic execution.
Taking a broader temporal view of the crypto industry's evolution, of the over 24,000 cryptocurrencies listed on CoinGecko since 2014 to the end of 2023, over 50% have died. 2021 was the worst year: over 70% listed that year have become defunct. A 2022 study found that less than 50% of the top 100 cryptocurrencies by market capitalization had a working product, highlighting how many projects operate purely on narratives rather than delivering real value. Looking further back, a 2018 analysis mirrors the same reality; it revealed that only 36 out of the top 100 cryptocurrencies had active, publicly available products.
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