A widely followed crypto analyst is issuing a warning to investors that ‘vaporware’ Ethereum (ETH) challengers could drop down to zero within a year.
The pseudonymous crypto trader Altcoin Psycho tells his 428,000 Twitter followers that investors are misjudging the top smart contract platform’s ability to surge under the right market circumstances.
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“People are severely underestimating ETH’s ability to go vertical in the right macro conditions.”
The strategist notes that most of the second-largest crypto asset by market cap’s vaporware layer-1 rivals, or competitors that have been announced but have yet to be fully developed and released, will vanish within a year at most.
Altcoin Psycho says that once the layer-1 competitors are gone, ETH should start building hype again as its switch to a drastically less power-consuming validation system is on the horizon.
“I’d say at most, we have a year left before vaporware copy-paste layer-1s go to zero. As they die off, focus will shift to ETH just in time for merger hype, which still isn’t priced in, in my opinion.
Also for what it’s worth, I don’t consider Solana, [Avalanche] or Cosmos to be vaporware… I believe the future is multi-chain…
I think there’s a lot of garbage out there that will phase out this year, and a lot of that money will flow back to ETH.”
In a recent video update, the analyst also says that Ethereum’s upcoming merger to a proof-of-stake system from a proof-of-work consensus mechanism could not only be a catalyst that helps ETH surge, but also one that lends a helping hand to layer-2s built on top of the leading altcoin.
“What can we do with the information if we’re bullish on ETH?
Well if ETH does well, then you know layer-2s on top of ETH will probably do really well as well.”
Ethereum is exchanging hands at $3,261 at time of writing, an 8.5% decrease from its seven-day high of $3,559.
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