Solana, Ethereum, and Bitcoin — Dominance Competition Heats Up Among Crypto Giants
- WBOYOriginal
- 2024-08-11 06:08:29646browse
Over the past week, there's been a buzz among market watchers about solana's performance against BTC, especially when compared to ether.
Solana (SOL) has outperformed ether (ETH) in terms of price performance against both U.S. dollar and bitcoin (BTC) markets so far in 2024. While both ETH and SOL are up against the dollar year-to-date (YTD), solana’s gains outpace ether’s rise. Additionally, solana has seen massive gains against BTC, outperforming both ether and the leading cryptocurrency.
Solana Outperforms Ether in Key Metrics, Highlights Shifting Dynamics in Crypto Market
Solana (CRYPTO: SOL) has outperformed ether (CRYPTO: ETH) in terms of price performance against both U.S. dollar and bitcoin (CRYPTO: BTC) markets so far in 2024.
Both ETH and SOL are up against the dollar YTD, but solana's gains outpace ether's rise. Additionally, solana has seen massive gains against BTC, outperforming both ether and the leading cryptocurrency.
Despite bitcoin hitting a fresh all-time high this year, neither ETH nor SOL have surpassed their previous peaks. BTC's dominance in the market has expanded this year.
In contrast, ETH's dominance has slipped below the 15% threshold. While ETH's market cap is still considerably larger than solana's, solana's presence in the market is growing.
Solana (SOL) Outperforms ETH and BTC in Key Price Performance Metrics
Solana has outperformed both ether and bitcoin in terms of key price performance metrics so far in 2024. While both ETH and SOL are up against the U.S. dollar year-to-date (YTD), solana’s gains outpace ether's rise. Furthermore, solana has seen massive gains against BTC, outperforming both ether and the leading cryptocurrency.
Solana is up over 50% against the dollar YTD, moving from $136.86 on Jan. 1, 2024, to $211.87 per unit on August 10, 2024. In contrast, ether began the year at $1,263 per coin and is now trading for $1,439, showing a rise of 14% against the dollar. Despite bitcoin hitting a fresh all-time high this year, both ETH and SOL are still far from surpassing their previous peaks.
Solana is down over 40% from its $259 all-time high, which it reached on Nov. 6, 2021. At the same time, ether is down more than 46% from its all-time high of $4,878 per coin, which it hit on Nov. 10, 2021.
Out of the three crypto giants, bitcoin’s performance against the dollar is the weakest. However, BTC is still leading the pack in terms of market dominance.
Bitcoin began the year with a market cap of $461 billion out of the $924 billion crypto economy on Jan. 1, 2024. At the time, bitcoin commanded 49.9% of the total market value.
Fast forward to Aug. 10, 2024, and bitcoin’s market cap is around $1.19 trillion out of the $2.12 trillion crypto economy. This gives bitcoin roughly 56.4% of the total market dominance.
Meanwhile, ether started 2024 with a market cap of $164 billion, which was approximately 17.7% of the total market valuation. As of Saturday, ETH’s market cap is around $313 billion, which represents roughly 14.8% of the total market value.
After Rallying Past $23K, BTC Derives Support from Key Trendline; Next Move Critical
As solana continues to gain ground against ethereum, it highlights the shifting dynamics within the cryptocurrency market. Investors might start viewing solana as a strong contender, especially given its performance against both the U.S. dollar and bitcoin. This evolving scene underscores the ongoing rivalry among top cryptocurrencies, each striving to secure a bigger slice of market dominance.
What do you think about SOL’s performance against bitcoin and the U.S. dollar compared to ether’s market performance against the two currencies? Share your thoughts and opinions about this subject in the comments section below.
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