Ethereum's Struggle to Find Its Growth Narrative

As the second-largest crypto asset and a key gateway for traditional investors into DeFi, Ethereum is held to high standards. However, to achieve mainstream adoption, a strong growth narrative is necessary, and so far, Ethereum has been falling short. With a year-to-date decline of 53% and a 50% drop over the past year, Ethereum's market capitalization has significantly dwindled, even potentially leading to a cap alongside XRP in the upcoming CoinDesk 20 reconstitution. Despite its struggles, Ethereum maintains its dominance in on-chain categories and boasts a strong brand name. Yet, the question remains: can Ethereum reclaim its special status? Mainstream adoption demands a growth story, and while Bitcoin has shown resilience in fragile markets, the crypto market's reliance on Bitcoin for price movements is a trend that hopefully will evolve. Ethereum has the potential to reassert its leadership, but if not, investors in the CoinDesk 20 have exposure to its competitors.