Ethereum Facing Tough Battle Amid Market Slump and Rising Challengers

Federal Open Market Committee’s (FOMC) decision to pause interest rate hikes has led to significant losses for many cryptocurrency investors. The largest altcoin, Ethereum (ETH), dissipated the positive market sentiment following macro data showing continuing deflation in the US with a loss reaching 6% within 24 hours. It is currently changing hands at $1,634 as of this writing. About $8 Billion Evaporated from Ethereum’s TVL in a Year Ethereum, the proven pioneer of the DeFi world over time, is facing a turbulent journey in terms of Total Locked Value (TVL). Even though it has shown resilience against harsh market movements, Ethereum‘s position is facing a tough battle due to rising stars such as Optimism (OP), TRON (TRX), Solana (SOL), and Polygon (MATIC). As a result of this tough battle, Ethereum’s dominance in the DeFi sector has been increasingly debated since June 2022. Layer-2 solutions like Polygon have seen a significant […] The post Ethereum Facing Tough Battle Amid Market Slump and Rising Challengers appeared first on COINTURK NEWS.