A cryptocurrency analyst has warned that projects challenging the leading altcoin Ethereum (ETH) could drop to zero within a year. He also pointed out that the development of PoW-PoS on Ethereum will generate new hype. Here are the details…
Altcoin Psycho claims that layer-1 altcoins will disappear
A trader named Altcoin Psycho, followed by 428k accounts on Twitter, “vaporware” Ethereum (ETH) He said his competitors could drop to zero within a year. As we have also reported as Kriptokoin.com, “vaporware” is a word used in the industry when talking about products that are generally announced to the public, but not produced or discontinued, not available for use. Although it is known that these are generally a product related to the computer industry, the term seems to have spread to the crypto field as well.
The analyst says investors misjudge the ability of the best smart contract platform to rise in the right market conditions. He claims that people underestimate ETH’s ability to go vertical in the right macro conditions. The analyst thinks that the layer-1 competitors of ETH, which is the second largest cryptocurrency by market capitalization, can disappear within a year at most. Examples of Layer-1 coins are Solana (SOL), Cardano (ADA), Polkadot (DOT), Terra (LUNA), Avalanche (AVAX), Algorand (ALGO), Tron (TRX).
Analyst: ETH will start a new hype
Altcoin Psycho, after layer-1 rivals are gone, ETH’s transition to a much less power-consuming verification system is on the horizon as it starts building hype again says it should. But the analyst says he doesn’t see Solana, Avalanche or Cosmos as vaporware for what it’s worth. He states that he believes these are “the multi-chain networks of the future.” “I think there is a lot of junk that will be retired this year and most of that money will flow back into ETH,” the analyst says.
In a recent video update, the analyst said that Ethereum’s recent merger from a proof-of-work consensus mechanism with a proof-of-stake (PoS) system has only helped ETH rise. He says that it cannot be a catalyst, but also a catalyst that lends a helping hand to layer-2 coins.
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