July 21, 2024
Ethereum's Resurgence 8.9% Surge Sparks Bullish Momentum After Solana's Dominance
Altcoins News

Ethereum’s Resurgence: 8.9% Surge Sparks Bullish Momentum After Solana’s Dominance

Following a significant period of underperformance compared to Solana over the past three months, Ethereum witnessed a sudden 8.9% surge in its price in the last 24 hours. This surge has reignited bullish sentiment surrounding Ethereum.

Jordi Alexander, the Chief Investment Officer at Selini Capital, expressed his optimism in a post on X (formerly Twitter) on December 27, stating, “The revenge of the ETH is starting.” He attributed this potential turnaround to recent rallies in various altcoins and Michael Saylor’s acquisition of an additional $615 million worth of Bitcoin on December 26, considering them as strong foundations for Ethereum to experience an upward movement in the coming weeks.

Highlighting the compelling risk/reward scenario for Ether, Alexander anticipated a liquidity black hole forming in January. Pseudonymous trader Pentoshi shared a bullish target for Ether on X, presenting a semi-cryptic chart with an approximate price target of $3,485, noting, “Slowly, then all at once.”

The ongoing conflict between community members from the Solana and Ethereum ecosystems intensified in recent weeks. Despite Ethereum’s 102% year-to-date gain, its price performance paled in comparison to Solana’s remarkable 951% gain since the beginning of the year, according to TradingView data.

The considerable price difference, coupled with a surge in on-chain activity, led many to argue that Solana’s lower fees and faster settlement times positioned it as a superior blockchain compared to Ethereum. Ethereum proponents countered, asserting that its architecture was better suited for larger entities conducting on-chain business. They also pointed to layer-2 scaling solutions like Optimism and Arbitrum as examples of achieving cheaper fees on the Ethereum network.

As of the current publication, ETH is being traded at $2,417, marking an 8.9% increase in the last 24 hours. In contrast, Solana has experienced a temporary pause in its recent upward trend, trading at $104 with a 4.2% loss in the last day.

Image by WorldSpectrum from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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