Bitcoin and Solana Gain Upper Hand Over Ethereum: Here’s Why
Highlights
- Ordinals founder says Ethereum is facing significant pressure from Bitcoin and Solana.
- He argues that Bitcoin's age and security makes its superior to Ethereum while Solana's speed dims its light.
- Ethereum's price has been largely underwhelming slipping below the $2,000 despite positive fundamentals.
Ethereum has been navigating a rough patch that is expected to continue into the future. This is mainly attributed to Bitcoin and Solana functionalities. Ordinals co-founder Casey Rodarmor noted that Bitcoin’s prestige and Solana’s speed could be the final nail in Ethereum’s coffin.
As the competition intensifies, ETH’s dominance in the cryptocurrency market is under significant threat. Let’s uncover how BTC and SOL are leveraging their unique strengths to challenge ETH’s position.
Bitcoin and Solana Threaten Ethereum’s Rise
While Ethereum’s recent decline has left investors in shock, the Ordinals co-founder Casey Rodarmor has proffered a theory for the asset. In a post on X (formerly Twitter), Rodarmor disclosed that the duo of Bitcoin and Solana negatively affects Ethereum.
Rodarmor says Bitcoin’s age and first-mover advantage gives it a keen advantage over Ethereum’s claim as “better money.” Conversely, Rodarmor says Solana is living up to its reputation as an ETH killer, improving on a range of metrics.
“Ethereum is getting squeezed by Bitcoin and Solana,” said Rodarmor. “Ethereum has nowhere to go.”
Rodarmor hinged Solana’s speed and scalability to its “centralization,” sparking a reaction from Solana cofounder Anatoly Yakovenko. Yakovenko downplayed Solana’s decentralization claims while pointing accusing fingers of centralization at Rodarmor.
Bitcoin has enjoyed a streak of positives including the executive signing of the Strategic Bitcoin Reserve while Solana is gearing up for a potential ETF approval.
ETH Continues To Falter In Troubling Fashion
Ethereum’s on-chain indicators are painting a sorry picture for the largest altcoin. After falling below $2,000, analysts say the possibility of ETH falling to $1,000 is highly likely.
After losing over 6% over the day, the asset is trading at $2,045, triggering a resistance by investors to buy ETH. However, whales continue to scoop ETH at a discount while institutional interests inch forward.
Sonic Labs co-founder Andre Cronje attempted to rationalize Ethereum’s underperformance, citing a boatload of Layer 2 projects dumping the assets. For Cronje, a below-par user experience contributes to waning interest in Ethereum with rising competition from newer blockchains. Cronje shut down speculation that he could buy ETH, noting that the project’s roadmap and lack of clear representation are major stumbling blocks.
“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” remarked Cronje.
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