Crypto investor Chris Burniske says an Ethereum rival is the best ‘non-consensus’ play for the next bull run. The famous trader explains the background behind choosing this altcoin project.
Best opportunity for the upcoming bull market: Solana (SOL)
Chris Burniske, an investor who saw the bottom of the crypto bear market last year, says one of Ethereum’s (ETH) biggest rivals is the best contrarian altcoin play for the next bull run. Burniske suggests that Solana (SOL) is an opportunity for an upcoming bull market in the crypto asset space. Cathie Wood’s former head of crypto at ARK Invest Investor states that SOL’s non-consensus state today is similar to ETH’s state in the 2018 bear market. In this context, Burniske makes the following statement:
Consensus was not reached at ETH 2018/2019. But now the consensus has been reached and everyone worth their salt as a crypto investor is there. Because it is a quality asset. But SOL is this bear’s strongest non-consensus asset. Once consensus is reached, watch out, lots of momo investors will be scrambling.
How will Solana perform against the leading altcoin?
The famous investor also looks at Solana against the leading altcoin Ethereum (SOL/ETH). He says the pair now likely has enough steam to finally surpass the level lost during the collapse of bankrupt crypto exchange FTX. cryptokoin.comAs you follow from , FTX had close ties to Solana. Additionally, its collapse brought uncertainty to the Ethereum rival’s ecosystem. Despite these, Chris Burniske makes the following assessment:
SOL/ETH could close the FTX gap with some work to achieve 0.02 ETH.
At the time of this writing, SOL was trading at $28.73, down 1.57% in the last 24 hours. However, the altcoin is sitting on a weekly gain of around 32%. Moreover, on its monthly chart, Solana is up over 48%. This has made the Ethereum rival a favorite project of recent times.
VCs don’t realize what they’re missing!
The crypto investor also says other venture capitalists (VCs) are distracted by artificial intelligence (AI). He also notes that they are currently missing out on potential gains that could be made by taking discounts on Bitcoin and altcoin prices. In this context, Chris Burniske shares the following views with his followers:
VCs, smug about crypto being trashed, don’t realize that while AI has become the hot new thing, many of the overpriced AI rounds will be a graveyard for capital while data stewards mop the floor. The low valuations we see on Web3 today will become legends tomorrow.
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