The post Solana Price Achieves New Highs: A Threat to Ethereum’s Reign? appeared first on Coinpedia Fintech News
The Solana (SOL) network has attracted significant hate and attention from the global crypto community in the past. The top-tier layer one (L1) blockchain, with dozens of fast-growing decentralized financial protocols, is laser-focused on dethroning Ethereum (ETH) from its position as the leader in the Web3 ecosystem.
Solana’s SOL has outshined Binance-backed BNB and is currently ranked as the fourth most valuable digital asset by market capitalization.
According to the latest crypto data, the Solana network has a total value locked (TVL) of about $4.8 billion and a stablecoins market cap of around $3.68 billion. On the other hand, the Ethereum network boasts more than $46 billion in TVL and a stablecoins market cap of nearly $80 billion.
Peter Brandt on Solana vs Ethereum Battle
In the battle between $SOL and $ETH it was inevitable there would be a clear winner.$ETH – cumbersome, expensive, flawed, claims to be decentralized when its not$SOL – user friendly, great foundation$SOL should gain 100% on $ETH in months ahead pic.twitter.com/UNTYMugQy2
— Peter Brandt (@PeterLBrandt) August 8, 2024
According to veteran trader Peter Brandt, Solana will ultimately outshine the Ethereum network in the long haul. Brandt differed with Vitalik Biterin’s view on Ethereum’s user experience.
While Buterin recently highlighted that the Ethereum network offers fast, cheap, and secure transactions through its layer two chains, Brandt says the network is cumbersome and not as decentralized as it claims.
“I hear the same crap from $ETH bulls whenever I talk naughty about the item of their adoration — ‘oh, but ETH is fixing this or that or this or that’ Doesn’t it tell you something is wrong that ETH is always needing a fix?. Kind of like U.S.-built autos,” Brandt noted.
Following the recent bullish breakout of the SOL/ETH pair to a new all-time high, Brandt highlighted that Solana is on the cusp of a 100 percent rally against Ethereum in the coming months.
Market Picture
On Wednesday, the Solana ecosystem received a major boost after Brazil approved the first spot SOL ETF. With VamEck pushing a similar product in the US amid improving crypto regulatory standards, experts believe the approval is imminent.
Meanwhile, the anticipated altseason, triggered by the inevitable macro reversal of Bitcoin dominance, will accelerate the crypto cash rotation and favor Solana more than Ethereum.
