After Solana’s coin has significantly outperformed over the past three months, the price of Ethereum, the second-largest cryptocurrency by market capitalization, has suddenly risen by 8.9% over the past 24 hours, sending some bullish sentiment back to Ethereum.
Jordi Alexander, chief investment officer at Selini Capital, wrote in a December 27 post on X (formerly Twitter): ‘Ethereum’s revenge has begun.’
Alexander pointed to the recent rally across several altcoins and Michael Saylor’s $615 million purchase of Bitcoin on December 26 as a strong basis for Ethereum to take an upward stride over the next few weeks.
One trader with the pseudonym Pentoshi indicated his bullish target for Ether, posting a near-vague chart of X with an approximate target price of $3,485.
The conflict between community members from the Solana and Ethereum ecosystems has come to a head over the past few weeks.
While Ethereum is up 102% year-to-date, its price performance has paled against Solana, which has made a whopping 951% gain since the start of the year.
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This good price performance, coupled with a tidal wave of relative activity on the chain, led many to assert that low network fees and faster settlement times made Solana the blockchain superior compared to Ethereum.
On the other hand, Ethereum proponents claimed that the network architecture was more suitable for larger entities doing business on the chain and pointed to second-tier expansion solutions such as Optimism and Arbitrum as examples of cheaper fees on Ethereum.
During today’s trading, Ethereum is trading at $2,417, up 8.9% over the past 24 hours, before those gains are now trimmed, now at $2,382. Meanwhile, Solana took a break from his recent bullish rupture, trading at $105.4 – a loss of 5.1% in the last 24 hours.
This comes in conjunction with Bitcoin’s rise above the $43,000 level, recording gains of about 1.3% in the last 24 hours, while losses estimated at 1.6% have been recorded in the last seven days.