Solana (SOL) v Cardano (ADA): How The ‘ETH Killers’ Performed This Week
Community dubbed ETH killers Solana (SOL) and Ethereum (ETH) have seen outflows trading behind Ethereum this week. Both altcoins recorded daily inflows at the start of the week but a shift in market sentiment saw losses creep in.
Ethereum remains the largest smart contract blockchain although newer chains have boasted of speed and lower cost per transaction. In December, Solana’s non-fungible token (NFT) numbers outpaced Ethereum, a sign of increased adoption around the network. This week, Solana meme coins were dominant boosting the price of the asset.
Solana and Cardano’s Weekly Performance
This week, Solana plunged 0.86% and trades at $166.51. The asset is down 5% in the last 24 hours as the bearish sentiment swirls around the market. Cardano posted a larger outflow of 5.43% this week while the last 24 hours saw 4.3% exits.
Both coins saw inflows at the start of the week following anticipation of a spot Ethereum ETF in the United States. Solana’s volumes increased 18% today showing signs of a turnaround should the wider market flip. Cardano also recorded a boost in daily trading volumes with a 16% increase.
As bulls continue to show their presence, community developments have also played a role in the meeker cap of both assets. Solana’s market cap stands at $74.43 billion while Cardano’s is at $16 billion. The total value locked (TVL) on Solana ends the week at $4.6 billion, a 3.6% decline with top platforms like Jito, Marinade, and Kamino.
Ethereum Dominates The Market
This week has been all about Ethereum with spot ETF dominating trader narratives. The Securities and Exchange Commission approved the ETFs on May 23 igniting a new wave of market sentiment. Ethereum gains 20.3% this week becoming the biggest gainer in the top 10 crypto list. The asset only trails meme coin PEPE in the top 20 for weekly gains.
Last year. Solana outpaced Ethereum becoming an institutional investor notching inflows to its institutional products.
Also Read: AI Cryptocurrencies: Bursting the Bubble or Building Momentum
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
- U.S. SEC Seeks Public Comment on ‘Novel ETFs’ Amid Prediction Market ETF Approval Delays
- Sharplink Buys 10K ETH as Ethereum Closes Three Straight Quarters in Red
- BlackRock, Coinbase, Ripple, Mastercard Team Up To Launch Open Standard OUSD Stablecoin
- Bitcoin Core Releases New Mainnet Version For Testing, Reveals Key Features & Bug Fixes
- Strategy (MSTR) Stock Price Target Cut to $260 from $400 Amid Bearish BTC Projection
- Ethereum Price to Hit $95K by Mid-2027, Robert Kiyosaki Predicts Mega Rally
- 4 Overvalued Crypto Stocks To Watch This Week
- Bitcoin Price Prediction as Oil Climbs Above $70 Amid Doubts Over US-Iran Qatar Talks
- What’s to Expect for BTC, ETH, XRP, and BNB Prices Ahead of EU MiCA’s Tomorrow Deadline?
- XRP Prediction: What Will Have the Biggest Impact on Price, CLARITY Act or U.S. Spot XRP ETF?
- MSTR Stock Prediction: Wall Street Reiterates $212 Target as STRC Soars 12% on Restructuring
