Ethereum At $9,200, XRP At $5,800, And Solana At $3,400? Analyst Says This Is Not Possible

Source Newsbtc

Cryptocurrency prices are starting to grind through a period of slow but steady gains in the past 48 hours, with Bitcoin again leading the charge and most altcoins lagging in recovery. In a recent post on the X platform, popular Bitcoin maximalist and CEO of JAN3,  Samson Mow, described the misleading nature of unit bias among altcoins.

According to Mow, Ethereum at $9,200, XRP at $5,800, and Solana at $3,400 is virtually impossible, given the current supply of these tokens.

Unit Bias And Market Cap: The Numbers Don’t Lie

Mow’s post on X challenges how investors perceive the value of altcoins like Ethereum, XRP, and Solana. He proposed a reframing of altcoin valuations by applying Bitcoin’s supply model to them. Bitcoin was created with a total possible circulating supply of 21 million units, with 19.85 million of those currently in circulation.

At the time of writing, one unit of 21 million Bitcoins is trading around $88,000. This price might be too much for retail traders. As such, the idea of owning a whole unit of XRP or Solana feels more accessible to newcomers and retail traders compared to buying a fraction of Bitcoin with the same capital. 

To expose how misleading this mindset can be, Mow reimagines altcoin valuations by dividing their total market capitalizations by Bitcoin’s 21 million supply cap. This is essentially asking what one unit of these assets would cost if they had the same scarcity of supply as Bitcoin. Based on current market caps, Ethereum would be valued at approximately $9,200, XRP at $5,800, and Solana at $3,400. 

Given the current price of Ethereum, Solana, and XRP, these figures are unrealistic and reveal how much of the altcoin appeal is driven by unit bias rather than actual value. Furthermore, it shows that Bitcoin has better fundamentals and scarcity in its supply dynamics.

Narrative Of Bitcoin Dominance Getting Stronger

For Mow and other Bitcoin maximalists, the disparity in Bitcoin supply and that of popular altcoins is yet another reason why Bitcoin dominance is likely to grow stronger in the long run. Notably, the inflows into spot Bitcoin ETFs and increasing recognition among traditional finance investors are strengthening the case for Bitcoin’s dominance going forward.

Notably, Mow’s perspective stands in opposition to the outlook held by some analysts who still anticipate an incoming altcoin season. These analysts believe that Bitcoin dominance, despite currently sitting at a yearly high of 63.5%, could be on the verge of a reversal. One notable technical analysis even projected a sharp crash in dominance toward the 40% mark in the coming months.

At the time of writing, Bitcoin is trading at $88,530, up by 1.3% in the past 24 hours. Ethereum is trading at $1,620, representing a 1.5% decline over the same period. Solana is down 0.5% at $140, and XRP is trading at $2.09 after a 1.63% decline in the past day.

Ethereum
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin ETF Inflows For 2025 Now Outpace 2024, Data ShowsUS Bitcoin spot exchange-traded funds (ETFs) have seen more inflows this year so far compared to the same point in 2024, according to data.
Author  Bitcoinist
Jul 16, Wed
US Bitcoin spot exchange-traded funds (ETFs) have seen more inflows this year so far compared to the same point in 2024, according to data.
placeholder
Gold Price Forecast: XAU/USD gains momentum to near $3,650, eyes on US CPI releaseThe Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Author  FXStreet
Sep 11, Thu
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
placeholder
Silver price moves above $47.50 as safe-haven demand increasesSilver price (XAG/USD) halts its three-day losing streak, trading around $47.60 per troy ounce during the Asian hours on Wednesday.
Author  FXStreet
Yesterday 07: 04
Silver price (XAG/USD) halts its three-day losing streak, trading around $47.60 per troy ounce during the Asian hours on Wednesday.
placeholder
Forex Today: US Dollar consolidates gains ahead of key dataThe US Dollar (USD) stabilizes in the European morning on Wednesday after gathering strength against its major rivals for five consecutive trading days.
Author  FXStreet
Yesterday 09: 18
The US Dollar (USD) stabilizes in the European morning on Wednesday after gathering strength against its major rivals for five consecutive trading days.
placeholder
Dogecoin Price Forecast: DOGE steadies amid declining retail interest, bearish on-chain signalsBoth the on-chain and derivatives data suggest weak sentiment among retail and long-term holders.
Author  FXStreet
Yesterday 09: 39
Both the on-chain and derivatives data suggest weak sentiment among retail and long-term holders.
goTop
quote