Crypto
Ethereum Draws More Capital Than Solana Despite Muted Price Action, Says Crypto User
courtesy of bitcoinist.com
Ethereum's Rising Prices Attract $58 Billion in 30 Days
A crypto user on X, known as @litocoen, has highlighted the difference in capital attracted by Ethereum and Solana. Despite Ethereum's price action being relatively quiet in the last month of trading, the coin managed to draw $58 billion in liquidity. This amount is twice the total market cap of Solana, indicating that Ethereum is in a different asset class. The user believes that Ethereum's path towards $10,000 looks inevitable.
Ethereum's Uptrend in Spot Rates, Fails to Breach July Highs
Ethereum has been on an uptrend, adding 30% in the last month of trading. However, the coin has been struggling to breach the $2,000 level and reach the highs of $2,100 seen in July 2023. This week, ETH has been inching lower, disappointing traders who were expecting the coin to soar.
Solana Outperforms Leading Coins, Including Ethereum and Bitcoin
While Ethereum has been struggling, Solana has been performing exceptionally well. The coin has seen an uptrend of over 200% from October lows. Although there has been a slight cool-off from this month's high of around $67, the uptrend remains clear and defined. Solana has outperformed not only Ethereum and Bitcoin, but also other top 10 coins such as XRP and Cardano.
Solana's Solid Performance Linked to Lower Liquidity
The impressive performance of Solana could be attributed to its relatively low liquidity. While Ethereum added $58 billion in the last month, Solana's total market cap stands at $26 billion. Lower market cap coins tend to be less liquid and more volatile, characterized by lower trading volume.
Possible Departure from Ethereum for MakerDAO
In a significant development, MakerDAO, the DAO managing DAI and behind Maker, one of the largest decentralized finance protocols, is exploring the possibility of deploying a new blockchain using Solana code. This would be a departure from their reliance on Ethereum, as DAI is currently only available on the pioneer blockchain.
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