A venture capitalist who called the bottom of the crypto bear market last year says that one of Ethereum’s (ETH) biggest rivals is the best contrarian altcoin play for the next bull run.
Crypto investor Chris Burniske says that Solana (SOL) is the best “non-consensus” opportunity for an upcoming market expansion in the digital asset space.
Burniske, the former head of crypto at Cathie Wood’s ARK Invest, says that SOL’s non-consensus status today is similar to ETH’s in the bear market of 2018.
“ETH was non-consensus in 2018/2019, but is now consensus and anyone worth their salt as a crypto investor is there – quality asset.
But SOL is the strongest non-consensus asset of this bear. Watch out for when it becomes a consensus long, lots of momo investors will be scrambling.”
Looking at Solana versus Ethereum (SOL/ETH), the investor says the pair looks like it may have enough steam to finally overcome the level that it lost during the collapse of the now-defunct crypto exchange FTX. FTX had close ties to Solana and its collapse brought uncertainty to the Ethereum competitor’s ecosystem.
“SOL/ETH putting in some work to make 0.02 [ETH] happen, would close the FTX gap.”
At time of writing, SOL is trading for $29.51, up over 9% in the last 24 hours.
The crypto investor also says that other venture capitalists (VCs) are distracted with artificial intelligence (AI) and are missing out on the potential gains that could be had by picking up the discounts currently in the digital asset space.
“VCs that are smug about crypto getting trashed, while AI has become the hot new thing, don’t realize the majority of overpriced AI rounds will be a graveyard for capital as the data incumbents mop the floor, while the low valuations we see in Web3 today will mint legends tomorrow.”
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