Ethereum is experiencing a "midlife crisis," with its price dropping 40% over the past three months. Increased competition from faster and more cost-effective blockchains like Solana and Cardano, coupled with internal development delays and reduced investor confidence, are contributing factors to Ethereum's current market challenges.
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Bitcoin and other major cryptocurrencies have experienced declines due to investor concerns about slowing economic growth. Bitcoin dropped 1% to $83,325, while Ethereum fell 1.5% to $1,899, indicating broader market apprehensions.
