Role of Bitcoin ETFs, disappointment by Ethereum , collapse of Solana , meme coins as viable asset class and overvalued L2s: crypto veteran Alex Krüger sums up the developments of the last few months.While Bitcoin ETF approval appeared as the only catalyst entirely driving the upsurge of crypto capitalization, Ethereum's performance looks disappointing so far.
#2 ETH has been a major disappointment, but it has performed well overall for stakers and airdrop farmers.He also admitted that Solana , at first, established itself as the chain of choice for retail traders and overtook Ethereum for these market actors. At the same time, it failed to handle the increased traffic and collapsed.Meme coins, despite dominating the narrative in early 2024, mostly, went to zero. At the same time, some of them are still outperforming the market.
Also, Krüger mentioned a very low inflow of retail traders in this cycle that can partly be attributed to"PTSD" after the brutal BTC collapse in 2022. That is why many crypto enthusiasts missed the Bitcoin ETF launch, according to the expert.
The market started to get flooded with both scammy memecoin launches and cash-grabbing founders around February. These founders focus on making a quick buck and generating short-term hype rather than on longevity. Last but not least, the expert says that there are too many L2s, while the majority of them remain overvalued by the market.
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