Ethereum is melting against Bitcoin and Solana: The market is nervous!

Ethereum, which is melting day by day against Bitcoin and Solana, has started to scare investors.

Uncertainty and concerns (FUD) regarding Ethereum (ETH) have been growing lately. The depreciation of Ether against Bitcoin (BTC) and Solana ($SOL ) has further fueled these concerns. While developers are trying to correct this negative atmosphere, the flow of money from ETH to SOL is also drawing attention.

The gap between Ethereum and Solana is widening

The widening gap between Bitcoin and Ethereum has created a negative atmosphere for ETH. At the same time, the rise of alternative blockchains such as Solana is increasing the pressure on Ethereum.

While SOL has gained approximately 17 percent in the last seven days, ETH has remained relatively inactive. Experts evaluate this development as a money transition from Ethereum to Solana.

According to a report published by Cointelegraph on October 24, Solana has gained about 600% against Ethereum since 2023. It is stated that the memecoin craze in particular led this rise.

This rapid rise of Solana has also fueled discussions about whether it can surpass $ETH in market value. However, while ETH's market value is still above $ 300 million, Solana's market value is only $ 82 million, according to CoinGecko data.

As of October 24, the ETH/BTC ratio fell to 0.037, its lowest level since April 2021. While the price of Ether is on a downward trend, Bitcoin began to recover this week.

ETH has lost about 9% of its value from the two-month peak of $ 2,760 reached on October 21 and fell below $ 2,500. During the same period, Bitcoin gave a bullish signal again by rising to $68,820 on October 24.

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