Economist Alex Krüger is urging traders to exercise caution when it comes to Ethereum (ETH), saying one of its biggest rivals has already reached escape velocity and will continue to outperform.
In a post on social media platform
“Even if Trump wins. If an asset is expected to rise and the opposite is true, this is the market telling you something. There are better cryptocurrency assets to bet on. “Don’t be stubborn.”
Kruger said he planned to go long ETH and Solana (SOL) on US election night if it looked like cryptocurrency-supporting presidential candidate Donald Trump would win.
But now traders say they have “scraped ETH” for SOL and other opportunities.
He says the recent memecoin craze over Solana is part of a “degen war,” noting that the Ethereum competitor has been pushed into a more dominant position than Ethereum and its Layer 2 (L2) ecosystem.
“Trump’s victory would be positive for altcoins. I have no negative stance on ETH/USD. But there are many other coins to buy as well.
The ETH/BTC chart has been showing a clear downward trend for several years without any recent depletion. On-chain activity is moving away from Ethereum. L2 spreads but generates little value for ETH. Solana reached escape velocity and won the Degen War. And now a whole new ecosystem is developing around BTC.
So what does it take to change the fundamentals and change the trend? What would cause ETH to deflate again? What is the argument for betting on ETH and not BTC + SOL?
Gensler out helps ETH ETFs (exchange traded funds) store ETH, making ETFs more attractive. But this would also open the door to SOL ETFs.
I am not a maxi. Welcome others who want to change my mind.”
As of this writing, Ethereum is trading at $2,473 and Solana is trading at $172.
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