Cryptocurrencies started to increase on Thursday. This was after Bitcoin (BTC) made moves early in the week to go over $70,000 but was unable to do so. In the meantime, the general performance in the trading of the coin continues to show green, going by the CoinDesk 20 index that covers the top 20 cryptocurrencies (except the stablecoins and the exchange tokens). There was an overall increase of 2.7% in the last 24 hours. The strongest days were for the Uniswap (UNI) and Bitcoin Cash (BCH), both of which rose by over 5%.
As for bitcoin, its price was $68,100 yesterday, which is almost 3% move over a day. However, this was not the case for Ether (ETH), which was able to gain only 1.1% in price and a 3.5-year low relative to BTC. On the other hand, Solana was also rapidly increasing its value and added 3.0% to its price, reaching a new high against Ether.
Ethereum Facing Troubles Amid Bitcoin (BTC) and Solana Surge
Ether is hovering just above $2,500 but still sits below the critical “max pain” price of $2,600—the point where most options would expire worthless—just ahead of Deribit’s options expiry on October 25. Ethereum has been trailing behind both BTC and Solana in performance. Over the past month, Ether has dropped 2.1%, while BTC has gained 7.4%, and Solana is up by 18%.
“From an on-chain perspective, there’s been stronger network activity in Bitcoin and Solana compared to Ethereum,” explains Andre Dragosch, Bitwise’s European Head of Research.
He added that Bitcoin transactions have now outpaced Ethereum’s, which often reflects their relative performance, pointing out that there’s been a stronger inflow of capital into BTC compared to Ether. In this case, it’s less about Ether being weaker and more about Bitcoin showing strength.
The gap in market capitalization between BTC and Ether has hit a new record. Bitcoin now holds a market cap of $1.33 trillion, while Ether stands at $303.6 billion, marking a difference of over $1 trillion for the first time ever. Meanwhile, Solana’s market cap dominance in the crypto market is at 3.64%, edging close to its previous high of 3.70%.
Solana Blockchain Dominates Ether and the DeFi Space with Record-Breaking Numbers
Recently, Solana network becomes the center of world attention in the crypto market. It has been making record achievements and the level of economic activity is staggering. While old competitors like Ethereum are struggling to make ends meet, Solana is beginning to establish itself as a serious contender in decentralized finance (DeFi) realm.
As per Blockworks Research, on October 23 of 2024, Solana reached a new record, earning its network activity $8.7 million in economic value. This remarkable figure followed just a day after the number almost touched $8 million. ‘Solana is still expanding leaps and bounds when it comes to network revenue’, commented Dan Smith, the head of data analysis at Blockworks. This sum accounts for collection, which comes from all sources of revenue, like base fees, tips, and priority fees.
Also, the total value locked in solana has increased dramatically. It went from 250 Million US Dollars at the beginning of 2023 to over 6.8 Billion United States Dollars on the date of October 24, 2024, thus ‘ boom to over $6.8 billion probably puts Solana on a very strong footing as compared to Ethereum. It is worth mentioning that in the month of July Solana had 25 million dollars in weekly revenue while Ethereum had 21 million dollars.
Conclusion
The increase in the value of Bitcoin has reignited interest in other cryptocurrencies, although it still has obstacles to overcome, particularly Ether, which has failed to keep up with the growth of BTC and Solana. The CoinDesk 20 Index saw a 2.7% increase over the last day thanks to strong performances from Uniswap and Bitcoin Cash.
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