Competition Is Intensifying Among Ethereum Rival Altcoins: Which One Is Leading?

Solana and Cardano, called ETH killers, this week Ethereum Even though he remained behind, he experienced some ups and downs. Both altcoins recorded daily inflows at the beginning of the week, but the change in market sentiment caused losses to increase.

Ethereum remains the largest smart contract blockchain, but newer chains stand out with promises of speed and lower cost per transaction. In December, solana‘s NFT numbers have outpaced the ETH network, indicating increased adoption around the network. This week, Solana meme coins came to the fore by supporting the price increase.

Weekly Performance of Solana and Cardano

This week, Solana is trading at $166.51, down 0.86%. The asset fell 5% in the last 24 hours, reflecting the impact of market-wide negative sentiment. CardanoWhile it experienced a larger weekly rise of 5.43%, it recorded a decline of 4.3% in the last 24 hours.

Both coins experienced inflows at the beginning of the week in anticipation of a spot Ethereum ETF in the US. Solana’s volumes are up 18% today, showing signs of recovery in the event of a market-wide turnaround. Cardano also recorded a 16% increase in daily transaction volumes.

While the bulls continued their presence in the market, community developments also contributed to the more modest valuations of both assets. While Solana’s market value is $74.43 billion, Cardano’s market value is $16 billion. Total value locked (TVL) on Solana closed the week at $4.6 billion, down 3.6%, with Jito, Marinade and Kamino among the top platforms.

Ethereum Dominates the Market

This week was all about Ethereum stealing the spotlight, and spot ETFs were at the top of traders’ agendas. The Securities and Exchange Commission approved ETFs on May 23, setting off a new wave in market sentiment. Ethereum was the biggest gainer in the top 10 crypto charts, gaining 20.3% this week. The asset trailed only meme coin PEPE in terms of weekly gains in the top 20.

Last year, Solana surpassed Ethereum in attracting institutional investors and providing inflows into its institutional products.

Writer Hasan Hüseyin Lif about :

He is a ‘sociologist’ interested in politics, economy and migration. My interest in blockchain technology first led me to KoinFinans. I have been preparing articles about the industry, especially cryptocurrency news, for about three years.