As a crypto investor with some experience in the market, I’ve seen my fair share of ups and downs with various coins. This week’s shift in sentiment towards Ethereum (ETH) and its competitors like Solana (SOL) has been interesting to observe.
As a crypto investor, I’ve noticed that the coins often referred to as Ethereum competitors, Solana (SOL) and Ethereum (ETH), experienced outflows this past week. Initially, both altcoins welcomed inflows during the beginning of the trading period. However, a sudden change in market sentiment resulted in losses for these coins.
As a researcher studying the blockchain landscape, I’ve observed that Ethereum continues to lead as the premier smart contract platform, despite newer contenders like Solana claiming faster transaction speeds and lower costs. Intriguingly, towards the end of last year, Solana saw a surge in non-fungible token (NFT) adoption that outpaced Ethereum’s numbers, signaling growing interest and use within the network. More recently, this week, meme coins based on Solana have experienced significant popularity, driving up the value of the asset.
Solana and Cardano’s Weekly Performance
This week, Solana experienced a decline of 0.86%, currently priced at $166.51. The previous day brought about a significant drop of 5% for this asset, fueled by the growing bearish sentiments in the market. Conversely, Cardano recorded a more substantial weekly loss of 5.43%, with an additional 4.3% departing the market within the last 24 hours.
The coins experienced inflows at the beginning of the week, fueled by expectations of an Ethereum Spot ETF approval in the US. Solana’s trading volumes surged by 18% today, potentially signaling a reversal if the broader market rallies. Cardano also reported a 16% increase in daily trading volumes.
With bulls maintaining their dominance, the growth of community initiatives has had an impact on the more subdued increases of both Solana and Cardano’s market values. Solana currently boasts a market cap of $74.43 billion, while Cardano trails behind at $16 billion. The TVL (Total Value Locked) on Solana concluded the week at $4.6 billion, marking a 3.6% decrease, with major platforms like Jito, Marinade, and Kamino contributing to the decline.
Ethereum Dominates The Market
This past week has been marked by a significant focus on Ethereum, with the approval of its spot ETFs by the Securities and Exchange Commission on May 23 sparking renewed market enthusiasm. Consequently, Ethereum has experienced a robust surge of 20.3% in value during this timeframe, making it the most noteworthy gainer among the top ten cryptocurrencies. Ethereum’s gains trail only behind that of meme coin PEPE within the top twenty performing digital assets for the week.
In the previous year, Institutional investors showed a preference for Solana over Ethereum, as they directed more funds towards Solana’s institutional offerings.
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2024-05-24 18:20