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Scaramucci Backs Solana to Surpass Ethereum in Market Cap – Here’s Why
Anthony Scaramucci, the founder and managing partner of SkyBridge Capital, has recently expressed his opinion that Solana (SOL) could potentially surpass Ethereum (ETH) in terms of market capitalization. This prediction is in stark contrast to recent data, which suggests that ETH holds a significant lead over SOL.
As of writing, ETH’s market cap stands at $303.8 billion, while SOL has a valuation of $77.4 billion. To surpass ETH, SOL would need to increase by approximately 3.92 times its current value, reaching a price of $572.3. This projection is further bolstered by Standard Chartered analysts, who predict that SOL will reach a price of $500 by the year 2029, with ETH expected to trade at $7,500.
However, when examining Solana’s on-chain metrics, it becomes clear that such an event seems highly unlikely in the short term. The altcoin has seen a significant drop in daily active addresses since its January peak, from 10,308,559 unique addresses to just 5,290,543 as of June 18th. In contrast, ETH’s daily address count remains relatively stable.
Furthermore, data suggests that Solana is underperforming ETH significantly over the past two months, having lost a staggering 32% in value. This performance has led traders to anticipate a potential retest of SOL/ETH range low, following which they may look for opportunities to trade Solana and its derivatives.
It seems unlikely that Scaramucci’s prediction will come to pass, especially given these concerning trends. Nonetheless, the prediction remains an interesting take on the current market state, providing insights into the sentiment surrounding both assets.
In the meantime, investors should be cautious of the market’s volatility and consider all available information before making any investment decisions.
Source: ambcrypto.com
