Can ETH Mount a Comeback?
Broader crypto markets pared back yesterday’s gains, with the total crypto market cap (TOTAL) declining by 1.1%, but that didn’t stop Solana’s momentum! What tokens are primed for outperformance?
The ETH/BTC ratio has breached its 3AC liquidation lows, touching levels not seen since April 2021, and while Ethereum's position of dominance among smart contract platforms has undoubtedly come under threat, ETH could be set for a comeback later this year.
With the potential approval of spot ETH ETFs set to provide ETH regulatory parity with Bitcoin, the Dencun upgrade about to slice L2 transaction fees, and restaking about to increase the number of use cases for Ether the asset, Ethereum could be set for an epic 2024!
ETHBTC is now at its lowest level since Apr 2021. Yet this year we have:
— Thor⚡️Hartvigsen (@ThorHartvigsen) January 9, 2024
- ETH spot ETF decisions
- Dencun (EIP4844)
- Restaking
As well as an array of Ethereum native airdrops, net ETH deflation, Solana projects launching on the Eclipse L2 and more.
Think about what this… pic.twitter.com/5DdQNNqDVr
Coming out as the top chain of the year; however, is no guarantee for Ethereum. Solana is bound to provide stiff competition for this title!
Where Ethereum has disappointed some of its users with high transaction fees and fractured liquidity, Solana has designed an ecosystem with affordable transaction fees at the base layer and a unified global state, features that could help it gain traction among new entrants into crypto during the coming year.
Even Arthur Hayes has gotten on the Solana train, posting bullish tweets on both SOL and BONK in recent days.
And we $BONK ‘ing too
— Arthur Hayes (@CryptoHayes) January 9, 2024
Yachtzee pic.twitter.com/ZTkNNfxe0d