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Legendary Analyst: Bitcoin Will Finally ‘Bury’ This Altcoin!

Efsanevi Analist: Bitcoin, Nihayet Bu Altcoin’i 'Gömecek!'
Efsanevi Analist: Bitcoin, Nihayet Bu Altcoin’i 'Gömecek!'
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The leading cryptocurrency Bitcoin has mesmerised everyone with its performance. The price of Bitcoin continues to dramatically update the historical peak after the historical peak. BTC, whose dominance in the market reached historical levels, also ignited other cryptocurrencies. However, the performance of some altcoins remained uninspiring compared to it. Ethereum, the leading altcoin, is going down dramatically against BTC. This situation also attracted the attention of legendary analyst Peter Brandt.

Interesting Bitcoin and Ethereum comment from Peter Brandt!

Since the beginning of the year, ETH has lost 46.99% against BTC from its year-high level. As a result, the leading altcoin Ethereum fell to 0.03187 BTC against Bitcoin. Thus, it has fallen to a level it has not seen since March 2021, almost four years. Of course, the terrible performance of Ether, an asset believed to surpass Bitcoin, attracts the attention of many. More precisely, it causes merciless ridicule.

For this reason, the situation on the Ethereum/Bitcoin chart also attracted the attention of legendary analyst Peter Brandt . Brandt expressed his reaction to this situation in a style we are not used to. In his opinion, he defined the situation with a question: ‘A letter from beyond the grave????’ This, too, sounds rather ominous.

There are interesting details in the chart Brandt added to the post. Accordingly, the ETH price approached a very important dynamic support level that emerged in 2017. This confused the analyst. This represents either the moment in the last seven years when the major altcoin proved the haters wrong or killed what was once a nearly $559 billion asset. However, Ethereum is still at least a $376.57 billion asset, according to CoinMarketCap data. Furthermore, its daily volume is $34.77 billion.

Can Solana dethrone Ethereum?

Meanwhile, sentiment around the leading altcoin is currently at the same lows as its price. However, it is still one of the flagships of the market. It cannot be disputed, especially by traders and investors who are tired of watching more and more Solana enthusiasts gain thousands of per cent on various meme coins, absorbed by the negative PnL on Ethereum ecosystem tokens.

Bitcoin
Ethereum (ETH) and Solana (SOL) performance in 2024. Source: CoinMarketCap

The SOL token itself is currently heading for an all-time high upgrade with great fanfare. The question posed by Peter Brandt is somewhat theatrical. However, it is an extremely important point for the Ethereum-Bitcoin relationship. Because, the crypto market is getting to the point where it can lock ETH in a box for a long time and allow someone else to take crypto market share.

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Legendary Analyst: Bitcoin Will Finally ‘Bury’ This Altcoin!
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