Derived from BlockTempo, this analysis highlights how Bitcoin continues to outperform leading L1 blockchains like Ethereum and Solana, as their valuations rely on fragile future monetary premium expectations rather than solid revenue growth. Data shows that while L1 price-to-sales ratios have risen, their actual revenues have declined year over year. The article argues that Bitcoin’s dominance in the crypto market is strengthening, with L1s losing market share as their narrative of becoming 'money' loses credibility.
BTC Outperforms L1s as Market Doubts Future Monetary Premium
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