The Ethereum founder is suddenly fueling a shocking FTX crypto price rally as Bitcoin struggles

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Bitcoin BTC, Ethereum and most other major cryptocurrencies saw their prices fall sharply in the last month of 2022 after the FTX collapse shattered confidence and marginalized crypto companies another.

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The price of Bitcoin has dropped below $17,000 per bitcoin compared to nearly $50,000 this time last year. Ethereum ETH saw a similar drop, while FTX-linked cryptocurrencies like Solana saw an even sharper drop.

Now, Ethereum co-founder Vitalik Buterin has spurred a rally for Ethereum rival Solana, sending it over 10% predicting it has a “bright future” despite FTX’s demise.

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Ethereum co-founder and spiritual leader of the project, Vitalik Buterin, awarded the… [+] Ethereum’s rival Solana after the cryptocurrency linked to FTX suffered an almighty crash even as the price of Bitcoin hit the water.

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“Some smart people tell me that there is a serious community of smart developers in Solana, and now that the terrible opportunistic money people have been washed away, the chain has a bright future ahead of it,” Buterin sent to Twitter. “It’s hard to tell from the outside, but I hope the community gets its fair chance to succeed.”

Solana SOL, a cryptocurrency that saw a major price rally until 2021 and gained market share from Ethereum, has been heavily backed by FTX and the exchange’s founder, Sam Bankman-Fried.

Solana’s price hit a record high of just over $250 per sol, giving the network a market cap of nearly $80 billion. After the Bitcoin, Ethereum and broader crypto price crash that wiped out more than $2 trillion from the combined crypto market, Solana’s market cap has shrunk to just $4 billion.

Ethereum’s rival has been called the “third generation” blockchain, after the first generation of Bitcoin and the second generation of Ethereum, with fast transaction rates, low fees and scalability in comparison with other cryptocurrencies. However, the network has suffered from outages and allegations of centralization.

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Solana’s price has fallen over the past year, recovering more than 90% of its value among broader crypto… [+] Meltdown that wiped out Bitcoin, Ethereum and other cryptocurrencies.

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For the past two years, solana has been backed by the backing of tech investors Chamath Palihapitiya and David Sacks.

“I got to see a little under the hood of Solana Pay and that’s really exciting,” Palihapitiya said on an episode of the Everything is in it Podcast together with Sacks in April 2022.”[Solana and blockchain] it’s like a flurry of activity to break up these payment companies,” referring to Visa and MasterCard.


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