As Bitcoin (BTC) and Solana (SOL) prices surge, Crypto X takes a backseat, overshadowing Ethereum

The recent decline of Ethereum's price against Bitcoin and Solana to levels not seen in years has led to predictions of Ether's struggles being discussed on social media.

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"Ethereum Bulls Defend Against Criticism as Ether (ETH) Lags Behind Bitcoin (BTC) and Other Altcoins

Critics on Crypto X have raised concerns about the recent underperformance of Ethereum (ETH) against Bitcoin (BTC) and other strong-performing altcoins. On December 20, the Ethereum to Bitcoin price chart, measuring 1 Ether against 1 Bitcoin, temporarily dipped below 0.05 BTC, marking its lowest level in two years since April 28, 2021, as reported by CoinMarketCap.

During the previous bull market, this ratio reached its peak at 0.087 BTC on September 12, 2021, but has been on a downward trend since then. It began 2023 at around 0.072 but has continued to decline."

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"Critics on social media are attributing Ethereum's recent underperformance to its transaction fees, which they claim have made alternative blockchain platforms with lower fees more appealing to crypto users.

On December 20, Bitcoin advocate Jason A. Williams remarked, "Ethereum is broken. You don't have to pay those fees anymore. You have options."

Data from BitInfoCharts reveals that Ethereum's fees averaged around $11 on December 19, while Bitcoin's fees were relatively higher at approximately $32. In contrast, Solana consistently maintains fees below $0.01, according to CoinCodex.

Even Vitalik Buterin, one of Ethereum's creators, recently expressed concerns that the platform could "fail" unless transaction fees become more affordable, especially during bullish market conditions.

However, Ethereum supporters have staunchly defended the network. Anthony Sassano, host of The Daily Gwei, a show dedicated to Ethereum, believes that Ethereum is undervalued in the current market. Ryan Sean Adams, co-host of Bankless, expressed his surprise at the negative sentiment surrounding Ethereum and stated, "I never anticipated ETH would be viewed as the non-consensus underdog again, yet here we are. Long ETH 2024."

In related news, Solana (SOL) enthusiasts have been pointing out the strong performance of SOL compared to other cryptocurrencies, including Ethereum (ETH), especially in the past three months. SOL has surged by 12%, reaching $83 in the last 24 hours, as reported by CoinMarketCap.

Several experts have highlighted Solana's impressive performance in decentralized exchange (DEX), stablecoin, and nonfungible token (NFT) trading volumes over both 24-hour and seven-day periods this week. Some even go as far as suggesting that Solana could potentially "flip" Ethereum in the future, given its recent price momentum.

However, it's essential to note that Ethereum still maintains the highest total value locked (TVL) on its network, standing at $28 billion, while Solana ranks fifth in TVL with $1.15 billion, according to DefiLlama.

Furthermore, when comparing Ethereum's market capitalization to its TVL (Mcap/TVL) ratio, it is currently at 9.4, while Solana's ratio stands at 30.45. The Mcap/TVL ratio is a widely used metric to assess a blockchain's intrinsic value.

Due to Ethereum's lower ratio, it may indicate that it is undervalued relative to Solana.


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Dec 21, 2023

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