Economist Alex Krüger is warning traders about Ethereum, saying one of ETH’s biggest rivals has already reached escape velocity and will likely continue to outperform.
In a post on social media platform
“Even if Trump wins. When an asset is supposed to go up and it does the opposite, that’s the market telling you something. There are better crypto assets to bet on. Don’t be stubborn.
Krüger says he planned to exploit long positions in ETH and Solana (SOL) on US election night if it looked like pro-crypto presidential candidate Donald Trump would run.
But now the trader says he has “deleted ETH” in favor of SOL and other opportunities.
He notes that the recent memecoin frenzy on Solana, which he says is part of the “degen wars,” has pushed Ethereum’s rival into a more dominant position than Ethereum and its layer 2 (L2) ecosystem.
“Trump’s victory would be positive for altcoins. I am not bearish on ETH/USD. But there are many other pieces that are too long.
The ETH/BTC chart is in a clear multi-year downtrend with no recent exhaustion surge. On-chain activity is moving away from Ethereum. L2s are proliferating but barely adding value to ETH. Solana reached escape velocity, winning the degenerative wars. And a whole new ecosystem is now developing around BTC.
So what will it take to overturn the fundamentals and change the trend? What will make ETH deflationary again? What is the argument for betting on ETH over BTC + SOL?
Gensler would help enable ETH ETFs (exchange traded funds) to place ETH in custody, making ETFs more attractive. But it would also open the door to SOL ETFs.
I’m not a maxi. Welcome others who try to change my mind.
At the time of writing, Ethereum is trading at $2,473 while Solana is worth $172.
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check Price Action
Follow us on XFacebook and Telegram
Surf the daily Hodl mix
& nbsp
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: halfway
