How The ‘ETH Killers’ Performed This Week

May 24, 2024 CRYPTOS.TEL Cardano 0

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

David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.


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