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Legendary Trader Peter Brandt Unleashes Fury on Ethereum: 'It's a Junk Coin'

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Fri, 5/04/2024 - 10:42
Legendary Trader Peter Brandt Unleashes Fury on Ethereum: 'It's a Junk Coin'
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Legendary trader Peter Brandt has unleashed a torrent of criticism aimed exclusively at Ethereum (ETH), labeling it a "junk coin" in a harsh assessment of the popular alternative cryptocurrency. Brandt, known for his insights into the financial markets, held no words as he criticized Ethereum, dismissing it as a useless challenger to Bitcoin's dominance.

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Brandt's disrespect for Ethereum was evident in a recent social media post where he disdained its status, asserting that it lacks the fundamental qualities necessary for long-term viability. He pointed to its alleged shortcomings as a store of value and criticized its functionality, citing difficulties with layer-2 solutions and exorbitant gas fees.

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Backing up his claims, Brandt referred to the Ethereum/Bitcoin price chart, highlighting Ethereum's steady decline against Bitcoin since the end of 2021. According to Brandt's analysis, ETH's recent drop to a critical support level of 0.05 BTC per altcoin signals further weakness compared to BTC.

This is not the first time Brandt has expressed skepticism toward Ethereum. In January, he publicly announced a short position on the altcoin when it was trading at $2,265, citing weak price behavior. Despite Ethereum's subsequent price surge, Brandt admitted a month later that the trade did not go as planned.

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Brandt's criticism of Ethereum reflects his broader conviction that Bitcoin reigns supreme on the cryptocurrency market. He previously declared his belief that everything apart from Bitcoin is "junk," emphasizing the main cryptocurrency's role as a primary store of value with significant potential for appreciation.

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