Ethereum, which is losing ground day by day against Bitcoin and Solana, started to scare investors.
Uncertainty and fears (FUD) regarding Ethereum (ETH) have been on the rise recently. Ether’s devaluation against Bitcoin (BTC) and Solana (SOL) fueled these concerns. While developers are trying to correct this negative environment, the flow of money from ETH to SOL is also attracting attention.
The gap between Ethereum and Solana is widening.
Bitcoin The widening gap between Ethereum and Ethereum created a negative environment for ETH. At the same time, the rise of alternative blockchains like Solana increases pressure on Ethereum.
Over the past seven days, SOL has gained nearly 17% in value, while ETH is relatively inactive. Experts consider this development as a transfer of money from Ethereum to Solana.
Memecoin obsession powers Solana.
By 2023, according to a report published by Cointelegraph on October 24 SolanaGained about 600% compared to Ethereum. Specifically memecoin It is said that madness is leading this increase.
Solana’s rapid rise has also fueled debate about whether it could overtake ETH in market value. However, while ETH’s market cap is still over $300 million, Solana’s market cap is only $82 million, according to CoinGecko data.
The ETH/BTC parity is at its lowest level in 3.5 years.
As of October 24, the ETH/BTC rate fell to 0.037, the lowest level since April 2021. While the price of Ether has been on the downside, Bitcoin has started to recover this week.
ETHIt fell below $2,500, a loss of about 9 percent from its two-month peak of $2,760 on Oct. 21. During the same period, Bitcoin rose to $68,820 on October 24, signaling a bullish trend again.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.