SOL - These Ethereum Competitors Are Down Over 90% -- Are They Worth the Risk?
Ethereum (CRYPTO: ETH) may be down 69% for the year, but its rivals are getting crushed even harder. Layer 1 blockchain networks such as Avalanche , Fantom, and Solana (CRYPTO: SOL) are all down 90% or more year to date. In fact, they are among the worst-performing cryptos in the entire market.
This dramatic fall has been eye-opening. During the last crypto bull market rally, each of these cryptos was heralded as a potential "Ethereum killer." But that was before The Merge, and the market seems to be making a strong point: Nobody needs "another Ethereum" these days. So are any of these Ethereum rivals still worth buying?
The big picture here is that there will likely be tremendous market consolidation in the aftermath of The Merge. Before The Merge, there was a need for faster, cheaper blockchain networks that could do everything Ethereum could do. After The Merge, there is no longer this need. It's almost impossible to out-Ethereum Ethereum these days, especially with the popularity of Layer 2 scaling solutions that help address any remaining weaknesses. The end result? The market will likely have exceedingly high expectations for any Layer 1 blockchain network that claims it can become "the next Ethereum."
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These Ethereum Competitors Are Down Over 90% -- Are They Worth the Risk?