Bitcoin volatility is five times that of gold, and it is now trading at $38,449, down 44% from its all-time high of $69,044. Many cryptocurrency investors believe Bitcoin is a type of "digital gold," acting as a hedge against inflation like precious metals.
ْThe analysts of JPMorgan Chase & Co. (NYSE: JPM) - a global financial services leader - mentioned that Bitcoin would struggle to gain institutional acceptance because of its volatility, whilst Ethereum will face more competition from competing blockchains. In Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), Ethereum competitors such as Solana, Terra, Binance Smart Chain, and others are gaining traction.
"What has been noticeable during this month's correction is that Ethereum has not managed to reclaim market cap share vs its main competitors as its price declined by a similar magnitude to smaller altcoins," analysts stated.
The network of Solana is popular because it is less expensive and faster than Ethereum's. And it's becoming more popular among NFT collectors to be utilised for trading NFTs. Solana, on the other hand, has its own set of issues, including frequent network congestion and slowdowns. The network was down for 17 hours in September 2021. However, the price of SOL (Solana's native cryptocurrency) has remained stable at just under $100. It’s worth noting that it is the seventh-largest cryptocurrency by market capitalisation.
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