Ethereum killers desperate for some support after brutal bear market
Ethereum killers appear during every bull run on the cryptocurrency marketand almost every time they end up losing more than the cryptocurrency they were planning on destroying. In 2021’s bull run there were at least three “killers” that are not feeling too well today.
According to the market performance of the aforementioned assets, the average return on each Ethereum competitor is around -80% from the all-time high. The least effective asset in terms of market performance is DOT with an 88% drop.
Solana, which at some point was seriously close to overtaking Ethereum’s market, including the NFT and DeFi industries, went through a severe bull market, not finding any support for a proper recovery. The biggest issues with SOL have always been technical issues on the network.
Solana’s stability became a meme at some point as it has been going down steadily around weekends, which made some people think that the blockchain shuts down at the end of the week and opens up again on Monday.
With its lack of technical sustainability, Solana stopped being a go-to network for many blockchain developers previously aiming to build their decentralized solutions on it.
AVAX was yet another Ethereum rival that was aiming to bring more scalability and convenience for users and developers. Higher transaction output was the main selling point. However, with the Merge update, Ethereum is expected to become way faster and have a stable fee structure during high network load, which makes projects like AVAX irrelevant.
Ethereum itself did not become an inflation hedge or a safe haven for crypto investors. Losing almost 70% of its value from ATH made ETH yet another risk asset that no one needs in the current market.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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