Meanwhile, analyst Peter Brandt indicated in a tweet that ETH it seemed to be in a downtrend, as it was a “too complicated, expensive and uncomfortable platform”.
And, not only that, he added that ETH’s downtrend against SOL is fully guaranteed.
Needless to say, many in the Ethereum community disagreed with the same. However, a Twitter user with the username Satoshi Friends put forward a contrary point of view.
No, @PeterLBrandt, you just don’t know, or you are deliberately ignoring the problem related to the fact that almost all $ SOL (> 95%) the issue is purchased with funds (@AlamedaResearch & Co) at 4-20 cents and rigged to sell at highs.
– Amigos de Satoshi (@slezisatoshi) January 8, 2022
That said, it is noteworthy that SOL has witnessed three congestion incidents over a short period of time. In fact, shortly after each incident, the community began to speculate whether the network had become vulnerable to another DDoS attack.
Now, Solana is the market sixth-Largest crypto, down from fifth place last week, after down 21.5% over the same period.
But that doesn’t make Ethereum as a DeFi platform invincible. In fact, JPMorgan Chase & Co. recently forecast its downward dominance over its competitors in a Note. Meanwhile, with ETH 2.0 on the way, the project is also in a critical phase according to the bank. However, delays in the scale “that is necessary for the Ethereum network to maintain its dominance” could further negatively affect the network. A team of analysts led by Nikolaos Panigirtzoglou said:
“The optimistic view on the dominance of Ethereum is at risk.”
As expected, Ethereum continues to demand more than 60% stake in the DeFi space so far. But that share was close to 70% just a few months ago. Meanwhile, platforms like Terra, Binance Smart Chain, Avalanche, and Solana have climbed the ladder.
In another 2022 prediction, Bloomberg Intelligence analyst Mike McGlone set,
“We expect the enduring trio (Bitcoin, Ethereum, and crypto) to maintain dominance. The top 2021 contenders, Binance Coin and Solana, may end the pattern of temporary visitors in the top five. “
In terms of price levels, McGlone sees Ethereum heading to break out of the $ 5,000 resistance.
“Both Bitcoin and Ethereum have some pretty glaring shortcomings, and if another crypto can supplant either one, their value will naturally explode.”
He concluded by stating: “Monero is to Bitcoin what Solana is to Ethereum.”
This is a machine translation of our English version.
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Analyst bets on Solana, calls Ethereum ‘too complicated, expensive and uncomfortable’