Ethereum's Rough Patch Is Expected to Continue, Exacerbated by Bitcoin and Solana Functionalities

While Ethereum's recent decline has left investors in shock, the Ordinals co-founder Casey Rodarmor has proffered a theory for the asset.

Bitcoin and Solana are slowly squeezing out Ethereum, according to Ordinals co-founder Casey Rodarmor.

In a recent post on X, formerly Twitter, Rodarmor said that the two cryptocurrencies are stifling Ethereum’s rise. Bitcoin is getting a headstart with its age and first-mover advantage, deadlocking any claim that Ethereum is “better money.” Meanwhile, Solana is quickly fulfilling its reputation as an ETH killer, quickly improving on a range of metrics.

“Ethereum is getting squeezed by Bitcoin and Solana,” said Rodarmor. “Bitcoin is older and has more prestige. Solana is faster and smaller units of value. Ethereum has nowhere to go.”

However, Rodarmor’s comments on Solana’s speed and scalability also ties into its “centralization,” sparking a reaction from Solana cofounder Anatoly Yakovenko.

Yakovenko downplayed Solana’s decentralization claims while pointing accusing fingers of centralization at Rodarmor.

“Solana is the most decentralized chain in the top 10,” said Yakovenko. “It’s funny how people try to claim it’s centralized because it’s performing well and has high throughput. Amazing how quickly they went from saying it has no activity to it being too centralized.”

Bitcoin has enjoyed a streak of positives including the executive signing of the Strategic Bitcoin Reserve while Solana is gearing up for a potential ETF approval.

ETH Price Falters As Layer 2s Dump Balances

Ethereum’s on-chain indicators are quickly becoming bleak with the possibility of the world’s second-largest cryptocurrency falling to $1,000 fast approaching.

After losing over 6% over the 24-hour period, ETH is currently being traded at $2,045 as investors are quickly becoming more resistant to buy the asset. However, whales are scooping up ETH at a discount while institutional interests are slowly increasing in the asset.

Sonic Labs co-founder Andre Cronje rationalized Ethereum’s recent underperformance with Layer 2 projects dumping their ETH balances. Cronje added that a bad user experience is also quickly adding to the lack of interest in Ethereum as newer blockchains quickly become viable alternatives.

Cronje also shut down speculation that he could buy ETH, adding that the project’s roadmap and lack of clear representation are major stumbling blocks.

“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” said Cronje.