Ethereum

2024

Bitcoin

when

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Legendary trader&nbsp;<a href="https://x.com/PeterLBrandt/status/1775973571896176785" rel="noopener noreferrer nofollow">Peter Brandt</a> has unleashed a torrent of criticism aimed exclusively at&nbsp;<a href="https://u.today/1-trillion-ethereum-l2-valuation-predicted-by-vaneck" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, labeling it a "junk coin" in a harsh assessment of the popular alternative cryptocurrency. Brandt, known for his insights into the financial markets, held no words as he criticized Ethereum, dismissing it as a useless challenger to Bitcoin's dominance.
Brandt's disrespect for&nbsp;<a href="https://u.today/mike-novogratzs-galaxy-digital-6000-eth-purchase-signals-institutional-interest" rel="noopener noreferrer nofollow">Ethereum</a> was evident in a recent social media post where he disdained its status, asserting that it lacks the fundamental qualities necessary for long-term viability. He pointed to its alleged shortcomings as a store of value and criticized its functionality, citing difficulties with layer-2 solutions and exorbitant gas fees.
Backing up his claims, Brandt referred to the Ethereum/Bitcoin price chart, highlighting Ethereum's steady decline against Bitcoin since the end of 2021. According to Brandt's analysis, ETH's recent drop to a critical support level of 0.05 BTC per altcoin signals further weakness compared to&nbsp;<a href="https://u.today/bitcoin-btc-price-reclaims-68k-is-70k-next" rel="noopener noreferrer nofollow">BTC</a>.
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 I get tired of saying it, but <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> is a junk coin despite mindless devotion of Etheridiots.As a store of value it is junk - a <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> pretenderIts functionality is also junk - difficult to deal with L2s and outrageous gas feesOf course it will always attract "investors" <a href="https://t.co/7KAYMiwsnf" rel="noopener noreferrer nofollow">pic.twitter.com/7KAYMiwsnf</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1775973571896176785?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 4, 2024</a>
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This is not the first time Brandt has expressed skepticism toward Ethereum. In January, he publicly announced a short position on the altcoin when it was trading at $2,265, citing weak price behavior. Despite Ethereum's subsequent price surge, Brandt admitted a month later that the trade did not go as planned.
Brandt's criticism of Ethereum reflects his broader conviction that&nbsp;<a href="https://u.today/fidelity-exec-shares-surprising-fact-about-bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> reigns supreme on the cryptocurrency market. He previously declared his belief that everything apart from Bitcoin is "junk," emphasizing the main cryptocurrency's role as a primary store of value with significant potential for appreciation.

Legendary Trader Peter Brandt Unleashes Fury on Ethereum: 'It's a Junk Coin'

U_Today

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