Renowned trader Peter Brandt recently expressed strong criticism of Ethereum, referring to it as a "junk coin" in comparison to Bitcoin. Brandt emphasized Ethereum's alleged inadequacies as a store of value and its complexities in terms of functionality, particularly pointing out issues with layer-2 solutions and high gas fees. He supported his claims by highlighting Ethereum's decline against Bitcoin in a price chart, indicating potential weaknesses in Ethereum's performance. This is not the first time Brandt has voiced skepticism about Ethereum, having previously disclosed a short position on the altcoin due to unfavorable price behavior, despite Ethereum's subsequent price increase. Brandt's overall belief in Bitcoin's supremacy in the cryptocurrency market underlies his critical perspective on Ethereum. He maintains that Bitcoin stands out as the primary asset with significant value retention potential, aiming to emphasize Bitcoin's superiority over other cryptocurrencies.
Legendary Trader Peter Brandt Criticizes Ethereum as a "Junk Coin"
by Giorgi Kostiuk
2 years ago
Other news
Impact of R3's Initiative on Blockchain Finance
R3's initiative to offer institutional yields on the Solana network aims to validate public blockchains for structured financial products, accelerating the convergence of DeFi and TradFi.
Nifty Gateway's Closure Highlights Evolution in the NFT Market
The impending closure of Nifty Gateway on February 23, 2025, highlights significant trends in the NFT market, including a shift towards sustainable models that emphasize artist support and collector value.
Nifty Gateway Announces Permanent Shutdown on February 23, 2025
Nifty Gateway, a prominent NFT marketplace owned by Gemini, will permanently shut down on February 23, 2025, ceasing all trading and operations, requiring users to withdraw their digital assets.
Bank of Japan Maintains Interest Rate at 0.75% Amid Market Challenges
The Bank of Japan has decided to maintain its benchmark interest rate at 0.75%, the highest level in over 30 years, amidst volatility in the bond market and upcoming snap elections.
Tokenized US Treasuries Reach New Milestone of $10 Billion
The total value of tokenized US Treasuries has surpassed $10 billion for the first time, reflecting growing interest in tokenized assets and increased participation from investors.
The Importance of the Travel Rule in Cryptocurrency Transactions
The Travel Rule aims to reduce anonymous transfers between regulated cryptocurrency service providers by requiring identifying details about the sender and recipient to accompany certain transactions.
Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter