Top Analyst Predicts The Rise for ETH Competitor on Rapid Adoption

One of Ethereum’s (ETH) main rivals is expected to see an exponential increase, according to a well-known cryptocurrency expert.

The quick uptake of the smart contract platform Solana, according to the 444,000 YouTube subscribers of InvestAnswers’ anonymous host, might be the catalyst for SOL to return to its all-time high of $259.65.

“I believe considering that Solana trades at less than 1/16th of the market cap of Ethereum, but it’s as widely adopted and does a lot of transactions, I think it’s a screaming value, and I do believe it’ll at least go to 20% of ETH’s market cap in the very near future.

And as the market rebounds, I believe Bitcoin (BTC) will rebound first, Ethereum second, and then once these things run, the money will transfer from the runners to the ones that haven’t run yet. And that’ll be Solana ,and then that could go very high and that would be 825% return. So basically you’re only making 3X the money investing in Solana than you are with Ethereum, but it’s riskier. And that’s where we are.

Does it have a chance of going back to its all-time high of $260-plus? The answer is, I believe so. If they continue to execute, if they get out of mainnet beta, if they have no more outages, solve all their problems, the adoption should continue. But there is competition. And we do have new names sucking the oxygen out of the room like Aptos (APT), which I believe is part of the reason for the weakness in the layer-1s last week, the so-called ‘SOL killer.’”

Solana is currently being exchanged for $28.38.

Comments

Post a Comment

Popular posts from this blog

Gala Music Takes Over Grammys Weekend To Discover Tomorrow’s Biggest Artists

Image
Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Los Angeles, California, 8th February, 2023, Chainwire Right before one of the biggest nights for recording artists, Gala Music, a global leader in Web3 music, ran an Open Mic event to find and celebrate undiscovered talent by holding auditions to win a career-making contract with the company. Up-and-coming musicians lined the street outside The Wayfarer LA for a chance to launch their careers with Gala Music. Over 50 artists had the opportunity to perform in front of a live audience at the event which also attracted the attention of music industry experts, including Leila Steinberg, artist mentor and first manager for superstar rapper Tupac Shakur.  Given the ethos of Web3 music, the top five performances shortlisted will be streamed and put to a community vote on Gala Music’s weekly Web3 music show “Top of the Drops”  Th
Read more

Both LUNC And USTC Defy Expectations In Remarkable Comeback

Image
Both LUNC and USTC have shown signs of recovery after their prices plummeted on December 5. LUNC and USTC saw their prices rise over the past day despite the global cryptocurrency market cap dropping by 3%. The ongoing LUNC burns and the new proposal concerning USTC minting could be behind the tokens’ recovery. Since December 5, both Terra Classic (LUNC) and TerraClassicUSD (USTC) experienced significant price declines. As a result, many in the industry were left wondering if the end has come for the Terra Classic cryptocurrency duo. However, heading into the new week, both cryptocurrencies were able to make a comeback. At press time, USTC was trading hands at $0.04247 after its price was able to rise by 1.36% throughout the past 24 hours. The token’s 24-hour trading volume also ended up surging by more than 280%, which left it settling at around $264,444,330. With regards to LUNC’s performance, CoinMarketCap indicated that the altcoin saw its price dip b
Read more

Bittrex’s Bankruptcy Filing Approved By US Courts

Judge Brendan Shannon has approved the liquidation of Bittrex exchange. The approval would allow Bittrex to carry out plans for winding down its U.S. operations. Bittrex’s U.S. arm filed for Chapter 11 bankruptcy protection in May 2023. Judge Brendan Shannon  approved the liquidation of crypto exchange Bittrex at a hearing in Delaware on Monday, October 30, permitting the company to proceed with its bankruptcy plans. The approval would allow Bittrex to carry out plans for winding down its U.S. operations.  According to the reports, the Securities and Exchange Commission (SEC) accused Bittrex’s American subsidiary of operating an unregistered exchange, and the company filed for Chapter 11 bankruptcy protection in May.  Following the development, the company settled with the SEC for $24 million in August. Details of the report showed that Bittrex filed for the Order on October 26, 2023. The crypto exchange subsequently revised the filing on October 27
Read more