Competitors of Ethereum, including Solana, Tonoin, Tron, Cardano, and SUI, are expected to gain more interest from investors due to a correction in the price of Ethereum over the past six months. The downward trend has been strengthened by cyberattacks on the Ethereum network, hackers targeting cryptocurrency, and increasing speculation about CEO Vitalik Buterin potentially selling his ETH holdings.
Ethereum Competitors Rise as ETH Bears Extend Market Correction
Today, the cost of ETH has dropped by 3%, now standing at $2322. Simultaneously, its market capitalization has fallen to approximately $279.4 billion. After a brief respite over the weekend, the return of bearish pressure suggests that sellers have regained their power, potentially extending the downtrend correction. Data from Coinglass shows that the ETH Funding rate has been decreasing since April 2024, suggesting reduced buying interest. This pessimistic outlook could provide an opportunity for Ethereum competitors to gain traction in the market.
Solana (SOL)
The Solana network is experiencing a noticeable uptick in activity as we approach the Solana Breakpoint 2024 Conference, scheduled for September 20th and 21st in Singapore. This significant event brings together developers, businesspeople, and blockchain enthusiasts to explore advancements within the Solana ecosystem, Web3, and DeFi. It offers workshops and networking opportunities.
Over a three-week period, the number of active addresses on the Solana blockchain has significantly increased from approximately 1.08 million to 3.66 million, representing a substantial growth of 238.9%. This upward trend suggests growing user engagement within the network, which could potentially drive up the projected price of Solana in the near future.
Toncoin (TON)
Over the past few days, the price of TON, one of Ethereum’s rivals, saw a significant surge from $4.6 to $5.2 – representing a 14% increase since last weekend. This growth propelled the total market capitalization of Toncoin up to approximately $13.3 billion.
While the legal drama around Telegram founder Pavel Durov’s arrest caused a sudden dump in Toncoin price during late August, the large transaction volume did not break its uptrend. According to Intotheblock analytics, the TON network’s daily volumes for transactions exceeding $100,000 have experienced a steady rise since 2023 to reach $6.69 Billion TON currently.
I’ve noticed this surge in the market indicates continuous significant action within our cryptocurrency ecosystem. Such momentum might just be the catalyst for steady price increase.
Tron (TRX)
TRON’s native cryptocurrency, TRX, is seeing increased usage as it offers an alternative amidst the rising concerns over crypto-related crimes. A partnership between Tether, TRON, and TRM Labs has launched the T3 Financial Crime Unit to combat unlawful activities linked to USDT on the TRON blockchain.
The TRON price prediction signals a modest intraday loss of 0.33% to trade at $0.15 currently. However, the network witnessed an aggressive surge in Addresses with TRX balance, recently hitting a peak of $112.3 Million.
The growing usage and acceptance of the TRON network, highlighted by an even distribution of emphasis, suggest a surge in user activity. This significant trend fuels organic demand for TRX, potentially influencing its market price positively.
Sui (SUI)
In the realm of Ethereum alternatives, the SUI token has made a significant statement by unveiling a new stablecoin called AUSD. This coin was jointly developed with Nonstop Finance to boost decentralized finance (DeFi) activities within their platform.
In just two weeks, the price of SUI surged from $0.74 to $0.88, representing a 20% increase. Additionally, the Total Value Locked (TVL) in SUI climbed up to an impressive $670 million, signaling a substantial capital influx into the protocol and boosting investor confidence.
Cardano (ADA)
Over the past six months, the cost of Cardano has noticeably decreased, dropping as low as $0.28 in early August. However, since that time, the trend of ADA‘s price has changed direction and moved horizontally, establishing a strong foundation at the psychologically significant level of $0.3.
The pricing efforts showed signs of reaching a base, and there was a significant surge in active addresses on the Cardano network up to 45,996, suggesting increased curiosity among both individual and institutional investors, who are eager to take advantage of any possible price upturn.
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2024-09-11 17:34