A popular crypto trader, who goes by the name of Altcoin Psycho, has said that Ethereum ETH/USD challengers are “vaporware” and could drop to zero within a year.
He recently said that the second-largest cryptocurrency’s vaporware layer-1 rivals that have been announced have yet to be fully developed and released. Adding that they will vanish within a year at most.
In a recent Twitter post, he said investors are misjudging the top smart contract platform’s ability to surge under the right market circumstances.
People are severely underestimating ETH’s ability to go vertical in the right macro conditions
I’d say *at most*, we have a year left before vaporware copy-paste L1’s go to 0
As they die off, focus will shift to ETH just in time for merger hype, which still isn’t priced in IMO
— Altcoin Psycho (@AltcoinPsycho) April 4, 2022
“Also for what it’s worth, I don’t consider Solana, [Avalanche] or Cosmos to be vaporware… I believe the future is multi-chain…,” he added.
In another post, Altcoin Psycho said that Ethereum’s upcoming merger to a proof-of-stake system with a proof-of-work consensus mechanism could not only be a catalyst that helps ETH surge, but also one that lends a helping hand to layer-2s built on top of the leading altcoin.
“What can we do with the information if we’re bullish on ETH? Well if ETH does well, then you know layer-2s on top of ETH will probably do really well as well,” he said.
At the time of writing, Ethereum was trading at $3,236.36, 0.91% down in the last 24 hours and overall down by 6.50% in the last seven days.