here’s the scoop – a popular crypto analyst, Nicholas Merten from DataDash, is waving a red flag, shouting that Ethereum (ETH) is losing its mojo. Why, you ask? Well, it seems everyone’s turning their heads towards the golden boy, Bitcoin (BTC), leaving Ethereum in the shadows.
In one of his laid-back strategy sessions to his massive YouTube crew of 510,000 subscribers, Merten spills the beans. According to him, the crypto future is set to cozy up to Bitcoin, and that could mean a not-so-happy ending for Ethereum.
He predicts a shift, a rotation in the altcoin world – a move away from the old guards like Ethereum and other Ethereum Virtual Machine (EVM) chains. Instead, he sees the spotlight shifting towards diverse plays in the crypto space, especially those related to Bitcoin’s infrastructure.
Merten makes it clear: Bitcoin is the star of the show. And if you want to build something cool around Bitcoin, well, you totally can. There’s stuff like Stacks and a bunch of other plays brewing. He thinks this shift leaves a big hole in Ethereum’s game plan.
The trader doesn’t hold back, saying that Ethereum seems like a deadweight chain lately. No thrilling developments to get anyone excited. No new applications making waves. According to Merten, there’s nothing happening on Ethereum that couldn’t easily be done on a bunch of other EVM chains with more scalability and lower fees.
He drops a truth bomb, claiming that these alternative chains might be in just as much hot water because, well, they’re kinda stuck in the same boat as Ethereum. No ties to Bitcoin, no impressive growth, and some of them are even sliding down the slippery slope of declining metrics.
Backing up his claim, Merten points out that Ethereum is playing second fiddle to Bitcoin. Sure, it might be climbing in dollars, but in the crypto universe, it’s all about either hitching a ride on the Bitcoin express or investing in plays that consistently outshine Bitcoin. If you’re not doing that, Merten’s wondering why not just go for the king of the hill? He’s not impressed with Ethereum being below the 200-week moving average for four months straight – not a great sign, according to him.
Just to sprinkle some numbers on this crypto salad, ETH/BTC is dancing around 0.0512 BTC ($2,218) at the moment. So, is Ethereum facing some stormy weather ahead? Merten seems to think so.