Ethereum’s market share has decreased in recent months, with TradingView’s data showing that the leading altcoin’s market dominance has fallen to 14.24% at the time of writing, its lowest point since June 2022.

Reports also show that Ethereum’s share of trading volume on decentralized exchanges dropped from 42% in 2022 to 29% this year.

This decline is attributed to the rise of faster and more efficient blockchain rivals that offer lower transaction fees and faster processing times.

Analysts believe that Ethereum’s continued efforts to upgrade its network could help regain some of its lost ground, but the competition is becoming increasingly fierce.