- Peter Brandt criticized Ethereum as a “junk coin” due to perceived flaws
- But most experts are optimistic about Ethereum's future
The cryptocurrency market experienced significant volatility in the first quarter of 2024, with the emergence of a number of major cryptocurrencies such as Ethereum. [ETH] and bitcoin [BTC] It goes up and it goes down. Ethereum in particular has shown some promising signs apart from price fluctuations, especially in terms of revenue.
At the time of writing, ETH was up 1.71% in 24 hours, giving the altcoin a value of $3,334.77.
Ethereum mixed signal
However, looking at the monthly data, the altcoin has fallen by 11.94% and trading volume has also decreased by 5.18% to $13.87 billion.Famous trader talks about Ethereum's one-month bear market and long-term outlook peter brandt I got it,
“I hate to say it, but despite its mindless dedication to Etheridiot, $ETH is a junk coin. As a store of value, it’s junk, masquerading as $BTC.”
He elaborated further,
“Its features are also junk and difficult to deal with L2 and exorbitant gas prices. Of course, it will always attract “investors”. ”
It is worth noting here that other commentators are more positive about Ethereum. JP MorganFor example, he cited the decline in Lido's Ethereum stock as a factor. In fact, Nikolaos Panigirtzoglou believes that this decline could result in altcoins not being classified as securities.
Positive outlook for ETH amid criticism
Brandt's criticism of cryptocurrencies sparked mixed reactions in the community. Some agreed with his views, while others defended Ethereum.
especially, adam backBlockstream's CEO echoed Brandt's remarks, tweeting:
“Remember, hacks, “hacks” and fraud against seemingly insecure scripts account for over $1 billion every quarter. It only gets worse over time because complexity kills. And the ethics in charge only continue to increase in complexity…”
However, despite all the criticism, many expect ETH to do well, especially after the Bitcoin halving. Jupiter Zheng, head of research at Hashkey Capital, echoed similar sentiments, suggesting that the ETF rejection may not have a significant impact on prices. Additionally, he believes the approval of Spot Ether ETFs with staking could push prices even higher.
Derivatives markets also highlighted a positive outlook, as reflected in ETH funding rates in the green zone. This is a sign that long position traders who are willing to pay short position traders have a strong advantage and is a bullish sign for the Ethereum market.
