‘Ethereum Is Completely Broken Utility Coin’: Legendary Trader Peter Brandt

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As a seasoned market analyst with decades of experience under my belt, I find Peter Brandt’s insights always worth considering. His perspective on Ethereum (ETH) and Solana (SOL), two major altcoins, is particularly intriguing. While he acknowledges the potential for both to grow alongside Bitcoin, his preference for Solana is evident.

Peter Brandt, considered by many to be a trading legend, who has been active on the financial markets since the 1970s, recently shared a fresh perspective on the price performance of two major altcoins: Ethereum (ETH) and Solana (SOL). 

It’s worth pointing out that Brandt countered the argument that Ethereum is more complex and costly as a cryptocurrency network by labeling ETH as a “dysfunctional utility coin,” citing its complexity and high transaction fees. This perspective aligns with his past criticisms of Ethereum, where he emphasized its shortcomings as a viable ecosystem.

Despite his reservations about Ethereum, the analyst’s assessment indicates that both Ethereum and Solana could experience a substantial surge in value, mirroring Bitcoin‘s recent achievement of a new record high surpassing $75,000.

Compare between ETHUSD and SOLUSD from a trader’s viewpoint:

— Peter Brandt (@PeterLBrandt) November 7, 2024

Meanwhile, Brandt made it evident he favors Solana over Ethereum, pointing out that Solana’s price is reaching unprecedented peaks, whereas Ethereum encounters significant obstacles in the form of resistance and potential sell-offs that may hinder its growth trajectory.

Ethereum vs. Solana

2024 saw Ethereum’s price as a recurring news item, mostly due to its underperformance compared to Bitcoin and Solana. Specifically, Ethereum’s price rise has been relatively modest this year, with an increase of just 23.21% from the start.

At the moment, Solana is picking up speed and is becoming a viable contender against Ethereum. It’s attracting both users and investors who are searching for alternatives that offer greater efficiency.

In essence, Ethereum appears primed for expansion, as per the forecasts of both supporters and skeptics. However, it faces challenges in terms of escalating transaction fees and intricate operational structure, which could potentially impact its sustainability over time.

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2024-11-07 19:52