30s Summary

Ethereum’s price is faltering in comparison to Bitcoin, hitting its lowest in over three years as Bitcoin surges ahead. An emerging rival, Solana (SOL), has seen prices increase by around 17% in the previous week, leading some to believe investors are switching from Ethereum to Solana. Ethereum’s market cap remains substantially larger than Solana’s at $300 million, but some within the Ethereum community are dismissing such concerns, suggesting the shift is due more to changing investment trends rather than Ethereum’s failings. Meanwhile, Ethereum continues to be regarded as the premier platform for smart contracts.

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People are worried about Ethereum again, partly because it seems like some are moving their investments over to Solana (SOL). The price of Ethereum when compared to Bitcoin has hit its lowest in over three years.

Bitcoin continues to run ahead, while Ether (ETH), Ethereum’s coin, is lagging behind. On top of that, there’s an up-and-coming competitor on the block – Solana (SOL).

In the past week, SOL prices have jumped by about 17%, whereas ETH hasn’t really budged. Some reckon this means investors are swapping out their Ethereum for Solana.

On October 24, Cointelegraph reported that Solana has shot up by a crazy 600% against Ethereum since 2023, which was mostly driven by a frenzy over joke coins.

Because of Solana’s rise, people are wondering whether it could ever be bigger than Ethereum. But it’s got a long way to go, with Ethereum’s market cap currently over $300 million while Solana’s is just $82 million, according to CoinGecko.

In the meantime, the ETH/BTC price ratio has dipped to its lowest since April 2021, at 0.037 on October 24, as Ether prices keep dropping while Bitcoin rebounds.

Notably, ETH has lost around 9% since hitting a two-month high of $2,760 on October 21, dropping below $2,500 on Thursday. On the flipside, Bitcoin has nearly regained all the ground it lost during this week’s market plunge, hitting a high of $68,820 during late trading on October 24, as per CoinGecko.

The Ethereum community isn’t taking things lying down though. Core developer Eric Connor, for one, shook off criticisms about issues like user experiences and development speed, making the case that Ethereum is still the top dog when it comes to smart contracts, thanks to being truly decentralized and getting plenty of use by big institutions and developers.

Meanwhile, trader Bob Loukas suggests that what’s happening isn’t really about Ethereum’s flaws, but more a general shift in where the money’s flowing and how people are using these different crypto networks ‘today’.

Ethereum expert Anthony Sassano suggests that most of the worry about Ethereum comes from its poor performance in relation to other assets. He wrote in a post on October 24, “It just seems like these complaints only exist when ETH is trading weakly against other assets – price drives sentiment”.

Mert Mumtaz, who runs a company that develops tools for Solana, also showed some love for the Ethereum network in a post on October 25.

Source: Cointelegraph