Expert Insights: Ethereum (ETH) Stakers and Airdrop Farmers Remain Unfazed Amidst Market Disappointment, Says Alex Krüger

Contents
Advertisement

Crypto veteran Alex Krüger provides a comprehensive summary of recent developments in the crypto market, including the role of Bitcoin ETFs, Ethereum’s performance, and the rise and fall of Solana.

Ethereum (ETH) disappointments, Bitcoin ETF “entirely” drives cycle

According to Krüger, the crypto market’s recent surge has been primarily driven by the approval of Bitcoin ETFs. However, Ethereum’s performance has been underwhelming, despite stakers and airdrop farmers reaping benefits from the second largest blockchain.

Krüger also noted that Solana initially emerged as the preferred blockchain for retail traders, even surpassing Ethereum. However, it couldn’t handle the increased traffic and eventually collapsed, leading to Coinbase’s L2 Base taking its place.

Despite the dominance of meme coins in early 2024, most have plummeted to zero, though some continue to outperform the market, establishing themselves as a viable asset class.

Krüger also pointed out the low inflow of retail traders in this cycle, attributing it partially to the aftermath of Bitcoin’s drastic collapse in 2022. This resulted in many crypto enthusiasts missing the launch of the Bitcoin ETF.

Cycle not over, expert says

Krüger expressed concern over the market being flooded with “scammy” meme coin launches and founders seeking quick profits through new altcoins:

The market started to get flooded with both scammy memecoin launches and cash-grabbing founders around February. These founders focus on making a quick buck and generating short-term hype rather than on longevity.

Despite the overvaluation of many L2s in the market, Krüger believes that the current cycle is far from over.

BREAKING NEWS

Bitcoin in Late-Stage Bull Market as S&P 500 Gains and Q3 Earnings Beat Sustain Risk-On Sentiment

According to CryptoQuant analyst Axel, both Bitcoin and the...

Solana (SOL) Investor Turns 1 Million SOL Into $280 Million and Exits HYPE Position With $23.83 Million Profit

COINOTAG News, Oct 23, citing EmberCN, reports that the...

IONQ Leads Quantum Computing Stock Rally as COIN Rises in Crypto Market

In today’s crypto market session, digital assets and related...

HYPE Bearish Tilt at Abraxas Capital as Two Addresses Open $7.75M HYPE Long While Main Wallet Holds $51.43M HYPE Short

According to HyperInsight monitoring reported by COINOTAG News, two...

CZ Slams ‘On-Chain Gold’ Tokenization; Peter Schiff Announces Gold Tokenization Plans

COINOTAG News reported that CZ cautioned on social media...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img