- ETHโs value against BTC hit a 3.5-year low as Solana sees rising interest.
- Solanaโs market gains spark speculation on competing with Ethereumโs market cap dominance.
- Ethereum developers defend blockchainโs strengths, attributing FUD to temporary underperformance.
Ethereumโs struggle to maintain market sentiment continued as its value against Bitcoin dropped to a 3.5-year low, sparking increased fear, uncertainty, and doubt (FUD) surrounding the asset. Competing blockchains, particularly Solana, have gained ground, with Solana rising about 17% in the last week while Ethereum remains stagnant. Solana has surged approximately 600% against Ethereum since 2023, driven by a memecoin craze, according to Cointelegraph.

Source: TradingView
Ethereum Under Pressure Amid Solanaโs Growth
The ETH/BTC trading pair dropped to 0.037 on October 24, reflecting Ethereumโs weak performance compared to Bitcoinโs recent price recovery. Meanwhile, Bitcoin has bounced back strongly from earlier market losses, reaching nearly $68,820 during late trading on October 24. Solanaโs rising market presence has prompted discussions on its potential to rival Ethereumโs market capitalization, though Ethereum remains significantly larger, with a current market cap over $300 billion compared to Solanaโs $82 billion.
Ethereum developers and advocates have pushed back against the negative sentiment, emphasizing the blockchainโs long-term vision and ongoing developer activity. Core developer Eric Connor highlighted Ethereumโs commitment to decentralization and its role as a leading smart contract platform. He noted that despite recent setbacks, Ethereum remains a โmulti-decade playโ with continued institutional adoption.
Community Defends Ethereumโs Strengths Amid Price Decline
Some Ethereum proponents attribute the current wave of FUD to ETHโs recent underperformance. Ethereum educator Anthony Sassano remarked that critical sentiment tends to arise when Ethereumโs price lags behind other assets, with price often influencing market sentiment. Additionally, independent trader Bob Loukas observed that the current repricing reflects the evolving economic activity across Ethereumโs ecosystem and competing layer-2 solutions.
Despite growing support for Solana, Ethereum developers and advocates maintain confidence in Ethereumโs trajectory, noting its established developer community and vision for long-term decentralization.











