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Author: Martin Young, CoinTelegraph; Compilation: Baishui, Bitchain Vision
As people clearly turn to Solana, Ethereum’s fear, uncertainty and doubt (FUD) surged again, while ETH price, calculated in BTC, has fallen to its lowest level in three and a half years.
The widening gap between Bitcoin and Ethereum is due to the intensification of bearish sentiment on the asset and the rise of competitive blockchains such as Solana.
SOL has risen by about 17% over the past seven days, while ETH has basically stagnated, and some observers believe this is an ETH rotation.
On October 24, it was reported thatSolana’s price ratio to Ethereum has soared about 600% since 2023, driven primarily by memecoin fanaticism.
Solana’s rise to arouse discussion about its potential to reverse Ethereum’s market capitalization.Nevertheless, Ethereum currently has a market capitalization of over $300 million, while Solana has a market capitalization of only $82 million, and Ethereum still has a long way to go, according to CoinGecko.
Meanwhile, according to TradingView, the ETH/BTC ratio has fallen to its lowest level since April 2021, reaching 0.037 on October 24 as Ethereum prices continue to fall while Bitcoin prices rebound.
ETH has fallen about 9% since hitting a two-month high of $2,760 on Monday, October 21, before falling below $2,500 on Thursday.Meanwhile, Bitcoin has recovered nearly all lost ground from the market pullback this week, hitting $68,820 in late trading on October 24, according to CoinGecko.
ETH/BTC ratio.Source: TradingView
Ethereum developers and supporters have been defending blockchain, with one of the core developers commenting on what the blockchain calls “flaws”.
On October 24, core developer Eric Connor refuted criticisms about Tier 2 user experience, liquidity decentralization and development speed in his X post, saying Ethereum remains the leading smart contract platform dedicated to truly decentralization.Have a large number of institutional adoption and developer activities.
“I always say Ethereum is a game that takes decades to develop, but it’s still on the right path to being a real winner.”
Meanwhile, independent trader Bob Loukas, who admitted that he was critical of Ethereum, said: “What we’re seeing is more just repricing of where economic activity is and people ‘today’ using these [Layer 2] chain purpose” because value is allocated throughout the ecosystem.
Ethereum educator Anthony Sassano saidMost FUDs seem to be related to poor performance of ETH.
“It seems that these complaints only exist when Ethereum trades weaker relative to other assets – price-driven sentiment,” he said in an Oct. 24 article.
Mert Mumtaz, founder of Solana developer tools company Helius, reiterated his support for the Ethereum ecosystem in an Oct. 25 article.
