Master crypto trader Peter Brandt, generally known in the crypto field with his Bitcoin comments, started a firestorm, especially in the altcoin world, with his recent statements about Solana and Ethereum. His insights shared on the X platform attracted attention as investors carefully watched for a potential power shift in the market. Here are the details…
Peter Brandt claimed that altcoin SOL will surpass ETH
Brandt’s bold claims directly challenge Ethereum’s long-standing dominance and shed light on the ever-evolving landscape of crypto investing. In a recent X post, Brandt identified a critical resistance level on the SOL/ETH chart. This marks a “make or break” moment for Solana’s future. According to Brandt, if Solana can overcome this resistance, its value has the potential to double compared to Ethereum.
However, Brandt’s stance on Ethereum seems a bit mixed. He admits to using the tactic of doubting Ethereum. He even admits his fondness for this approach. But it hints at an outlook with less bearish potential than its narrative suggests. This isn’t the first time Brandt has targeted the world’s second-largest cryptocurrency. As we reported as Kriptokoin.com, he described Ethereum as “garbage money” just a few days ago. He also labeled it as a mere imitator of Bitcoin’s throne.
Are gas fees the problem?
He criticized the limitations and operational hurdles of the altcoin Ethereum as a store of value, especially regarding layer2 scaling solutions and notorious gas fees. Interestingly, Brandt also acknowledged that Ethereum is willing to capitalize on market movements if the charts present an interesting opportunity.
The crypto market is carefully watching Brandt’s predictions regarding Solana’s potential to dethrone Ethereum. Lauded for its incredibly fast transaction speeds and low fees, Solana has emerged as an interesting alternative to Ethereum, which continues to struggle with scalability issues. If Solana manages to break through the resistance level set by Brandt, this could signal a seismic shift in cryptocurrency valuations and position Solana as a serious rival to Ethereum’s reign.
Latest situation in Solana and Ethereum price
On the other hand, Brandt’s criticisms of Ethereum add to existing concerns within the crypto community about Ethereum’s scalability, transaction costs, and suitability as a long-term store of value. Ethereum’s ongoing struggle with Layer 2 solutions and gas fees has led some investors to explore greener coins like Solana. However, the much-anticipated launch of the US Bitcoin ETF, combined with other factors, has increased investors’ confidence in Ethereum to some extent.
Additionally, the SEC’s ongoing investigation into Ethereum’s classification as a security has sparked further debate in the market. At the time of this writing, Solana’s price is up a modest 1.38% to $177.58. In particular, trade volume increased by a staggering 94.40% to $8.54 billion. In contrast, Ethereum experienced a slightly larger price increase of 1.87%, reaching $3,339.40. However, daily trading volume decreased by approximately 11% to $13.39 billion.
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