{"id":561115,"date":"2023-11-17T02:00:05","date_gmt":"2023-11-17T02:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=561115"},"modified":"2023-11-16T23:03:28","modified_gmt":"2023-11-16T23:03:28","slug":"ethereum-no-longer-20-100x-coin-panic-selling-big-mistake","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-no-longer-20-100x-coin-panic-selling-big-mistake\/","title":{"rendered":"Ethereum Is No Longer A 20-100X Coin, But Panic Selling Is A Big Mistake"},"content":{"rendered":"

Ryan Sean Adams, a crypto investor and a vocal Ethereum supporter, notes that some ETH holders are panic selling and diversifying into layer-1 altcoins like Solana (SOL) or Cardano (ADA), primarily concerned that the coin may not outperform the market as it did in the last bull cycle when it soared to around $5,000.<\/span><\/p>\n

Ethereum Holders Selling For High-Performing Altcoins<\/span><\/h2>\n

In an X\u00a0<\/span>post<\/span><\/a> on November 16, Adams said price action, despite these actions, might rapidly change even if ETH is no longer a 20-100X coin in the eyes of venture capitalists. The investor compares the current trading atmosphere to 2020, months before the second most valuable coin turned higher, surging to record levels.<\/span><\/p>\n

\"Ethereum
Ethereum price chart | Source: Ryan Sean Adams via X<\/figcaption><\/figure>\n

Presently, Ethereum is trading below the $2,000 round number, pulling back from a recent higher but remaining within a bullish formation. Still, it appears the community is dissatisfied with this performance, especially with competitors, primarily SOL and ADA posting impressive gains.\u00a0<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending downward on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

As of writing on November 16, SOL has not only reversed losses of November 2022 when FTX filed for bankruptcy in the United States but has comfortably surged past key resistance lines, registering new 2023 highs of around $67. To quantify, SOL is up by over 200%.\u00a0<\/span><\/p>\n

At the same time, Cardano is firm, adding roughly 70% from October 2023 lows, looking at price action in the daily chart. By October, ADA had discouragingly sunk to as low as $0.25. However, the stellar recovery at the tail end of October sparked demand for the coin, driving it to present levels. <\/span><\/p>\n

Related Reading: Howling At The Moon: 23,000% Dogecoin Signal Reawakens<\/a><\/div>\n

Cardano has been slugging in recent months despite the continuous ecosystem developments, including the refinement of the network’s performance during the Basho stage.\u00a0<\/span>Several enhancements, including pipelining, have been introduced to make the network more scalable and secure. Still, this didn’t reflect in ADA’s price action until the recent spike in October.
\n<\/span><\/p>\n

ETH Remains A “Fantastic Asset” For Retail Investors<\/span><\/h2>\n

The difference in performance between Ethereum and competing altcoins, as price action reveals, could be due to project-related triggers but mainly the difference in market cap. Ethereum is the second most valuable project, only trailing Bitcoin, whose market cap is multiples higher than even the second largest smart contract platform by market cap, BNB Chain<\/a>.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect<\/a><\/div>\n

Subsequently, this makes ETH less volatile, forcing supporters, as Adam notes, to divest into other more volatile coins. These competing layer-1 altcoins have registered triple-digit gains in the last month alone. Nonetheless, even with ETH only adding 30% in the same period, Adams argues that the coin is a “fantastic asset” from a risk-adjusted basis for the average retail investor.\u00a0<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Ryan Sean Adams, a crypto investor and a vocal Ethereum supporter, notes that some ETH holders are panic selling and diversifying into layer-1 altcoins like Solana (SOL) or Cardano (ADA), primarily concerned that the coin may not outperform the market as it did in the last bull cycle when it soared to around $5,000. Ethereum Holders Selling For High-Performing Altcoins In an X\u00a0post on November 16, Adams said price action, despite these actions, might rapidly change even if ETH is no longer a 20-100X coin in the eyes of venture capitalists. The investor compares the current trading atmosphere to 2020, months before the second most valuable coin turned higher, surging to record levels. Presently, Ethereum is trading below the $2,000 round number, pulling back from a recent higher but remaining within a bullish formation. Still, it appears the community is dissatisfied with this performance, especially with competitors, primarily SOL and ADA posting impressive gains.\u00a0 As of writing on November 16, SOL has not only reversed losses of November 2022 when FTX filed for bankruptcy in the United States but has comfortably surged past key resistance lines, registering new 2023 highs of around $67. To quantify, SOL is up by over 200%.\u00a0 At the same time, Cardano is firm, adding roughly 70% from October 2023 lows, looking at price action in the daily chart. By October, ADA had discouragingly sunk to as low as $0.25. However, the stellar recovery at the tail end of October sparked demand for the coin, driving it to present levels. Related Reading: Howling At The Moon: 23,000% Dogecoin Signal Reawakens Cardano has been slugging in recent months despite the continuous ecosystem developments, including the refinement of the network’s performance during the Basho stage.\u00a0Several enhancements, including pipelining, have been introduced to make the network more scalable and secure. Still, this didn’t reflect in ADA’s price action until the recent spike in October. ETH Remains A “Fantastic Asset” For Retail Investors The difference in performance between Ethereum and competing altcoins, as price action reveals, could be due to project-related triggers but mainly the difference in market cap. Ethereum is the second most valuable project, only trailing Bitcoin, whose market cap is multiples higher than even the second largest smart contract platform by market cap, BNB Chain.\u00a0 Related Reading: Bitcoin Open Interest Tops 19-Month High: Historical Data Shows What To Expect Subsequently, this makes ETH less volatile, forcing supporters, as Adam notes, to divest into other more volatile coins. These competing layer-1 altcoins have registered triple-digit gains in the last month alone. Nonetheless, even with ETH only adding 30% in the same period, Adams argues that the coin is a “fantastic asset” from a risk-adjusted basis for the average retail investor.\u00a0 Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":555446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[12332,12329,8323,1946,6931,78803,12837,83626,83627],"class_list":["post-561115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-cardano","tag-cardano-price","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-sol","tag-solana","tag-solusdt"],"acf":[],"yoast_head":"\nEthereum Is No Longer A 20-100X Coin, But Panic Selling Is A Big Mistake<\/title>\n<meta name=\"description\" content=\"Analyst believes 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Is No Longer A 20-100X Coin, But Panic Selling Is A Big Mistake","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-no-longer-20-100x-coin-panic-selling-big-mistake\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-no-longer-20-100x-coin-panic-selling-big-mistake\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?fit=1254%2C837"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["cardano","cardano price","eth","ethereum","ethereum price","ethusdt","sol","solana","solusdt"],"dateCreated":"2023-11-17T02:00:05Z","datePublished":"2023-11-17T02:00:05Z","dateModified":"2023-11-17T02:00:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Is No Longer A 20-100X Coin, But Panic Selling Is A Big Mistake\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-no-longer-20-100x-coin-panic-selling-big-mistake\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-no-longer-20-100x-coin-panic-selling-big-mistake\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-947893644.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/iStock-947893644.jpg?fit=1254%2C837\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"cardano\",\"cardano price\",\"eth\",\"ethereum\",\"ethereum price\",\"ethusdt\",\"sol\",\"solana\",\"solusdt\"],\"dateCreated\":\"2023-11-17T02:00:05Z\",\"datePublished\":\"2023-11-17T02:00:05Z\",\"dateModified\":\"2023-11-17T02:00:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/iStock-947893644.jpg?fit=1254%2C837","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=561115"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/561115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/555446"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=561115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=561115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=561115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}