Author: Martin Young, CoinTelegraph; Compiled by Bai Shui, Jinse Finance
As people clearly turn to Solana, Ethereum's FUD is once again soaring, and the ETH price in BTC terms has fallen to its lowest level in over three and a half years.
The growing gap between Bitcoin and Ethereum is due to the intensified bearish sentiment on the asset, as well as the rise of competitive blockchains like Solana.
Over the past 7 days, SOL has risen about 17%, while ETH has remained largely stagnant, leading some observers to believe this is an ETH rotation.
On October 24, it was reported that Solana's price ratio to Ethereum has soared by around 600% since 2023, driven mainly by the meme coin frenzy.
Solana's rise against Ethereum has sparked discussions about its potential to overtake Ethereum's market cap. However, according to CoinGecko data, Ethereum's current market cap is over $300 billion, while Solana's is only $82 million, and Ethereum still has a long way to go.
Meanwhile, according to TradingView data, the ETH/BTC ratio has fallen to its lowest level since April 2021, reaching 0.037 on October 24, as Ethereum prices continue to decline while Bitcoin prices rebound.
Since reaching a two-month high of $2,760 on October 21 (Monday), ETH has fallen by about 9%, breaking below $2,500 on Thursday. At the same time, according to CoinGecko data, Bitcoin has recouped almost all of its losses from this week's market pullback, touching $68,820 in late trading on October 24.
ETH/BTC ratio. Source: TradingView
Ethereum developers and supporters have been defending the blockchain, with one core developer commenting on the so-called "flaws" of the blockchain.
On October 24, core developer Eric Connor refuted criticisms about Layer 2 user experience, liquidity fragmentation, and development speed in an X post, arguing that Ethereum remains the leading smart contract platform committed to true decentralization, with significant institutional adoption and developer activity.
"I've always said Ethereum is a game that will take decades to develop, but it's still on the right track to becoming the true winner."
Meanwhile, independent trader Bob Loukas acknowledged his critical stance on Ethereum, saying "what we're seeing more of is just a repricing of where economic activity is taking place, and people's 'today' purposes for using these [Layer 2] chains," as value is distributed across the entire ecosystem.
Ethereum educator Anthony Sassano stated that much of the FUD seems to be related to Ethereum's poor performance.
In an article on October 24, he said, "These complaints seem to only exist when Ethereum is trading sluggishly relative to other assets - price-driven sentiment."
Helius, a Solana developer tools company, founder Mert Mumtaz reiterated his support for the Ethereum ecosystem in an article on October 25.
