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The trader compared Ethereum to Solana in terms of the metaverse concept.
As Wall Street trader with 45 years of experience, Peter Brandt, said, he sees the prospect of Ethereum in the form of a further decrease in the price of this cryptocurrency. To date, Ethereum has already retreated 34.6% from its historical maximum, which was recorded on November 10, 2021 at $4,878 thousand. At the beginning of January 18, Ethereum is worth about 3.186 thousand dollars.
Brandt is pessimistic as he believes that from a technological standpoint, Ethereum is “a very complex, costly, and user-inconvenient platform in terms of its use for NFTs, special tokens, and its involvement in the metaverse.” Brandt concludes that Ethereum will lose points in the eyes of investors when compared to the Solana digital asset.
Ethereum $ETH is in a bear trend because it is an overly complicated/expensive/awkward platform to the NFT/specialty token universe/metaverse. In fact, $ETH’s bear trend against $SOL is completely warranted
NFT nerds, please excuse me if I did not use the “correct” terminology pic.twitter.com/GDrCo8FwPH
— Peter Brandt (@PeterLBrandt) January 8, 2022
Solana is one of the competing projects with Ethereum. Curiously, Brandt links the fate of Ethereum with the features of the blockchain of this digital asset. Meanwhile, on Jan. 18, SOL is worth $139.8, down 46.2% from its all-time high of $259.96 on Nov. 7, 2021. Solana’s potential has recently been high. appreciated analyst at Bank of America.
In Brandt’s forecast, one, at first glance, imperceptible aspect is important. The fact is that many alternatives to Ethereum, until recently, were tested for their greater attractiveness in comparison with how the Ethereum blockchain itself works. But the emergence of a trend towards the concept of the metaverse raises the question of which project in this concept will be most in demand. And here the choice is not only among the direct competitors of Ethereum.
Thus, the price of the digital asset Cardano soared to a three-week high after the first project related to the concept of the metaverse appeared on the basis of this blockchain. Over the week, Cardano added 32.5%. It is noteworthy that, according to Messari, on January 17, the volume of daily transactions through the Cardano blockchain ($7.02 billion) exceeded that of Ethereum ($5.41 billion). At the same time, the average size of fees for Cardano even decreased, from 0.45 to 0.38 dollars, while for Ethereum it remained at the level of 26 dollars on average.
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