'Ethereum Is Completely Broken Utility Coin': Legendary Trader Peter Brandt

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Peter Brandt, considered by many to be a trading legend, who has been active on the financial markets since the 1970s, recently shared a fresh perspective on the price performance of two major altcoins: Ethereum (ETH) and Solana (SOL). 

It is interesting to note that Brandt responded to the thesis that Ethereum is much more complicated and expensive as a cryptocurrency ecosystem by describing ETH as a "completely broken utility coin" due to its complexity and high transaction costs. This view is in line with his previous criticism of Ethereum, when he highlighted the limitations of the cryptocurrency as a functional ecosystem.

Even though he is critical of Ethereum, the trader's analysis shows that both Ethereum and Solana are ready for a significant move alongside Bitcoin, which recently set a new all-time high above $75,000. 

However, at the same time, Brandt expressed a clear preference for Solana in his outlook, noting that while Solana's price is pushing to new highs, Ethereum still faces major overhead resistance, or sell supply, that could bust the altcoin's performance.

Ethereum vs. Solana

The topic of Ethereum's price has been one of the main headlines throughout the year, in a negative sense, as it has significantly lagged behind Bitcoin and Solana in its performance throughout 2024. As it stands, the price per ETH has increased by only 23.21% since the beginning of the year. 

Meanwhile, Solana is gaining momentum and has emerged as a competitor to Ethereum, appealing to users and investors looking for more efficient alternatives. 

So, it is a two-way street: on the one hand, Ethereum is poised for growth, even according to its critics' predictions, but on the other hand, transaction costs and operational complexity are affecting its long-term viability.