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ETH/BTC vs SOL/BTC Bitcoin is the market leader in crypto, and because of that, traders often examine the price of coins against the value of BTC, instead of against the value of the dollar—the reasoning being that, if you can’t outperform BTC, you might as well leave your money in BTC. Lately, the price action on SOL/BTC has been far more attractive than that of ETH/BTC. In fact, many have called attention to how weak ETH looks when charted against BTC. Traders and speculators are also looking at Ethereum's past as a potential hint to the future of Solana, because of the similarity between the narratives of ETH's past, and SOL's present. From April 2020 to Nov 2021, the price of Ethereum went from ~$100 to ~$4700. This came after ETH experienced its first bear cycle—a time during which many people made claims that ETH would disappear much like most of the ICOs of its time. They were wrong. Developers flocked to ETH to launch tokens and protocols, keeping attention and volume on it throughout the bear. ETH came back stronger than ever and was one of the top performers of the 2020-2021 bull market. Now, Solana is seeing a similar narrative. It had very close ties to FTX, so after the exchange’s collapse, many believed that Solana would never recover. Its showcase NFT project, DeGods, even left Solana for the Ethereum network. Yet despite this, developers continued to build and deploy products on Solana—and its resilience caught the attention of investors as a potential short squeeze. “All the ingredients were there for a huge rip higher,” explained Patrick Felder, founder & CIO at Prismatic Capital, who mostly invests in ETH but has increasingly been putting money into SOL. “After the FTX liquidators released their timeline for selling assets, everyone was either actively shorting SOL, or talking about shorting SOL.” #BTC #sol #BitcoinETFLaunch #binance #CryptoBears

ETH/BTC vs SOL/BTC

Bitcoin is the market leader in crypto, and because of that, traders often examine the price of coins against the value of BTC, instead of against the value of the dollar—the reasoning being that, if you can’t outperform BTC, you might as well leave your money in BTC.

Lately, the price action on SOL/BTC has been far more attractive than that of ETH/BTC. In fact, many have called attention to how weak ETH looks when charted against BTC.

Traders and speculators are also looking at Ethereum's past as a potential hint to the future of Solana, because of the similarity between the narratives of ETH's past, and SOL's present.

From April 2020 to Nov 2021, the price of Ethereum went from ~$100 to ~$4700. This came after ETH experienced its first bear cycle—a time during which many people made claims that ETH would disappear much like most of the ICOs of its time.

They were wrong. Developers flocked to ETH to launch tokens and protocols, keeping attention and volume on it throughout the bear. ETH came back stronger than ever and was one of the top performers of the 2020-2021 bull market.

Now, Solana is seeing a similar narrative. It had very close ties to FTX, so after the exchange’s collapse, many believed that Solana would never recover. Its showcase NFT project, DeGods, even left Solana for the Ethereum network.

Yet despite this, developers continued to build and deploy products on Solana—and its resilience caught the attention of investors as a potential short squeeze.

“All the ingredients were there for a huge rip higher,” explained Patrick Felder, founder & CIO at Prismatic Capital, who mostly invests in ETH but has increasingly been putting money into SOL. “After the FTX liquidators released their timeline for selling assets, everyone was either actively shorting SOL, or talking about shorting SOL.”

#BTC #sol #BitcoinETFLaunch #binance #CryptoBears

Avertissement : comprend des opinions de tiers. Il ne s’agit pas d’un conseil financier. Consultez les CG.
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