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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Is No Longer A 20-100X Coin, But Panic Selling Is A Big Mistake

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read

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Ryan Sean Adams, a crypto investor and a vocal Ethereum supporter, notes that some ETH holders are panic selling and diversifying into layer-1 altcoins like Solana (SOL) or Cardano (ADA), primarily concerned that the coin may not outperform the market as it did in the last bull cycle when it soared to around $5,000.

Ethereum Holders Selling For High-Performing Altcoins

In an X post on November 16, Adams said price action, despite these actions, might rapidly change even if ETH is no longer a 20-100X coin in the eyes of venture capitalists. The investor compares the current trading atmosphere to 2020, months before the second most valuable coin turned higher, surging to record levels.

Ethereum price chart | Source: Ryan Sean Adams via X
Ethereum price chart | Source: Ryan Sean Adams via X

Presently, Ethereum is trading below the $2,000 round number, pulling back from a recent higher but remaining within a bullish formation. Still, it appears the community is dissatisfied with this performance, especially with competitors, primarily SOL and ADA posting impressive gains. 

Ethereum price trending downward on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending downward on the daily chart | Source: ETHUSDT on Binance, TradingView

As of writing on November 16, SOL has not only reversed losses of November 2022 when FTX filed for bankruptcy in the United States but has comfortably surged past key resistance lines, registering new 2023 highs of around $67. To quantify, SOL is up by over 200%. 

At the same time, Cardano is firm, adding roughly 70% from October 2023 lows, looking at price action in the daily chart. By October, ADA had discouragingly sunk to as low as $0.25. However, the stellar recovery at the tail end of October sparked demand for the coin, driving it to present levels.

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Cardano has been slugging in recent months despite the continuous ecosystem developments, including the refinement of the network’s performance during the Basho stage. Several enhancements, including pipelining, have been introduced to make the network more scalable and secure. Still, this didn’t reflect in ADA’s price action until the recent spike in October.

ETH Remains A “Fantastic Asset” For Retail Investors

The difference in performance between Ethereum and competing altcoins, as price action reveals, could be due to project-related triggers but mainly the difference in market cap. Ethereum is the second most valuable project, only trailing Bitcoin, whose market cap is multiples higher than even the second largest smart contract platform by market cap, BNB Chain. 

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Subsequently, this makes ETH less volatile, forcing supporters, as Adam notes, to divest into other more volatile coins. These competing layer-1 altcoins have registered triple-digit gains in the last month alone. Nonetheless, even with ETH only adding 30% in the same period, Adams argues that the coin is a “fantastic asset” from a risk-adjusted basis for the average retail investor. 

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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