The Ethereum FUD fires are raging hotter than ever as Ether collides with Bitcoin and Solana while developers battle the flames.
Ethereum faces a renewed wave of fear, uncertainty, and doubt (FUD) as investors appear to shift interest toward Solana, with ETH’s price relative to BTC hitting a three-and-a-half-year low.
The gap between Bitcoin and Ether is widening as bearish sentiment around ETH grows and competing blockchains like Solana gain traction.
Over the past week, SOL has climbed around 17%, while ETH has remained mostly flat, prompting some analysts to interpret this as a rotation out of ETH.
On October 24, Cointelegraph reported that Solana had surged nearly 600% against Ethereum since early 2023, driven largely by “memecoin mania.” This growth has led to discussions on whether Solana could eventually surpass Ethereum’s market capitalization.
Currently, Ethereum’s market cap is over $300 million, while Solana’s stands at around $82 million, according to CoinGecko.
Meanwhile, the ETH/BTC ratio dropped to 0.037 on October 24—its lowest point since April 2021—as Ether prices continued to slide, and Bitcoin made a recovery.
ETH has fallen about 9% from its two-month high of $2,760 on October 21, dipping below $2,500, while Bitcoin rebounded, reaching $68,820 on October 24, according to CoinGecko.
In response, Ethereum developers and supporters have defended the blockchain. Core developer Eric Connor dismissed criticisms about layer-2 usability, fragmented liquidity, and development speed in an X post on October 24, emphasizing Ethereum’s status as the “leading smart contract platform” focused on decentralization, institutional adoption, and active development.
“I’ve always said Ethereum is a multi-decade play, but it’s still on the right path to being the true winner,” Connor stated.
Independent trader Bob Loukas acknowledged his own criticisms of Ethereum, noting, “What we’re seeing is more just a repricing of where the economic activity is and what people are using these [layer-2] chains for ‘today,’” as value shifts across the ecosystem.
Ethereum educator Anthony Sassano attributed much of the FUD to ETH’s recent underperformance, commenting, “It just seems like these complaints only exist when ETH is trading weakly against other assets – price drives sentiment,” in an X post on October 24.
On October 25, Mert Mumtaz, founder of Solana developer tools company Helius, voiced his continued support for the Ethereum ecosystem in an X post.
