Switching from ETH to SOL will cause another spike in volatility

Ethereum Fear, Uncertainty, and Doubt (FUD) Re-Elevated As Solana (SOL) Spins, ETH's Price Versus BTC Drops To Three-and-a-Half-Year Lows.

The divergence between Bitcoin and Ether (ETH) has been growing amid bullish sentiment for the asset and the rise of competing blockchains like Solana (SOL).

SOL is up about 17% in the last seven days, while ETH is mostly flat, and some observers see this as a turn away from ETH.

On October 24, Cointelegraph reported that Solana has increased approximately 600% on Ethereum since 2023, mainly driven by the memecoin mania.

The rise of Solana on Ethereum has sparked discussions about its potential to change Ethereum's market capitalization. However, Ethereum's market cap is currently over $300 million, while Solana's is only $82 million, according to CoinGecko.

Meanwhile, the ETH/BTC ratio has fallen to its lowest level since April 2021, reaching 0.037 on October 24, according to TradingView, as the price of Ether continues to retreat as Bitcoin recovers.

ETH has fallen 9% since hitting a two-month high of $2,760 on Monday, October 21, before falling below $2,500 on Thursday. Meanwhile, Bitcoin has recovered almost all of its losses during this week's market retreat, hitting $68,820 during late trading on October 24, according to CoinGecko.

Ethereum developers and advocates have been coming to the blockchain's defense, with one major developer commenting on the so-called “flaws” of the blockchain.

In an X post on October 24th, Core developer Eric Connor debunked criticism of Layer-2 user experiences, fragmented liquidity and speed of development, saying Ethereum remains the leading smart contract platform for true decentralization with significant institutional adoption and developer activity. .

“I used to say Ethereum is a multi-decade game, but it's still on track to be a real winner.”

Meanwhile, independent trader Bob Lucas criticized Ethereum saying, “We're just seeing where the economic activity is and the changes in how people are using it.” [layer-2] Chains for ‘Today,'” Value is being distributed across ecosystems.

Related: Bitcoin dominance hits 3.5-year high as altcoins lag behind

According to Ethereum master Anthony Sassano, most of the FUD seems to be related to ETH's underperformance.

“These complaints only seem to occur when ETH trades weakly against other assets – pushing price sentiment,” he said in an October 24 post on X.

Mert Mumtaz, founder of Solana developer tools firm Helios, reiterated his support for the Ethereum ecosystem in a post on X on October 25.

Magazine: Rise of Mert Mumtaz: ‘Perhaps more FUD Solana than anyone else'