The rising crypto tide of 2023 has lifted all boats, but some of those vessels are floating higher than others. Bitcoin, riding a wave of ETF optimism, is worth far more than all of the other digital assets combined and is up a handsome 132% on the year. Ethereum rival Solana appears to have shaken off its Sam Bankman-Fried association once and for all and this week eclipsed XRP to become the fifth-biggest token in the market while climbing over 400% in 2023. And Ethereum? It's up a relatively modest 66%.
Price movements are hardly the only way to judge a currency of course. Meme coins like Doge or BONK or whatever regularly pop up by crazy amounts on the heels of social media hype but still lack any logical value proposition. Still, price reflects sentiment—vibes if you prefer—and right now the vibe around Ethereum feels decidedly stale.
