Economist Alex Krüger is putting traders on notice in regards to Ethereum, saying that one of ETH‘s biggest rivals has already reached escape velocity and will likely continue to outperform.
In a post on the social media platform X, Krüger tells his 184,000 followers that “it’s about time to stop betting on ETH the asset,” given its underwhelming performance over the last several years.
“Even in the event of a Trump win. When an asset is supposed to go up and it does the opposite, that’s the market telling you something. There are better crypto assets to bet on. Don’t be stubborn.”
Krüger says he was planning to leverage long ETH and Solana (SOL) on the night of the US election if it looked like pro-crypto presidential candidate Donald Trump was coming ahead.
But now, the trader says he’s “scratched ETH off” in favor of SOL and other opportunities.
He notes that the recent memecoin frenzy on Solana, which he says is part of the “degen wars,” has pushed the Ethereum rival into a more dominant position than Ethereum and its layer-2 (L2) ecosystem.
“Trump winning would be positive for altcoins. I’m not bearish on ETH/USD. But there are many other coins to long.
The ETH/BTC chart is in a clear multi-year downtrend without a recent exhaustion flush. On-chain activity is moving away from Ethereum. L2s proliferate yet barely accrue value to ETH. Solana has reached escape velocity, winning the degen wars. And an entirely new ecosystem is now developing around BTC.
So what will take to turn fundamentals around, change the trend? What will make ETH deflationary again? What’s the argument for betting on ETH rather than BTC + SOL?
Gensler out would help enable ETH ETFs (exchange-traded funds) to stake the ETH in custody, making the ETFs more attractive. But it would also open the door for SOL ETFs.
I’m no maxi. Welcome others trying to change my mind.”
At time of writing, Ethereum is trading at $2,473 while Solana is worth $172.
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Alex Richardson
https://dailyhodl.com/2024/10/27/ive-scratched-eth-off-says-one-ethereum-rival-has-now-reached-escape-velocity/
2024-10-27 09:15:17
