Solana, Avalanche and Hedera Outperform Bitcoin as Ethereum (ETH) Suffers Weekly Loss

The cryptocurrency market experienced a volatile week, influenced by global economic factors like trade war concerns and the pause on the U.S. tariff policy.

The cryptocurrency market experienced a volatile week, marked by global economic factors such as trade war concerns and the pause on the U.S. tariff policy. While bitcoin (BTC) showed a slight gain, solana (SOL) displayed significant price fluctuations as it recovered from an initial drop. However, ether (ETH) suffered a substantial loss, failing to rebound like other top cryptocurrencies.

Tariff Pause Ignites Brief Rally

After a turbulent week that saw some global stocks and indices plummet to decade lows, the cryptocurrency market ended on a positive note, with bitcoin rising by 2.1%. Within the top 20 coins, solana saw the second-highest price surge, notching up a 9.5% gain over the period.

According to market data, solana commenced the seven-day period trading just under $120. Nevertheless, the rapid market downturn, driven by escalating trade war concerns, led to a steep decline in SOL, which like other top digital assets, pushed it below $98 within 24 hours. However, the surprising 90-day pause on some of the United States’ reciprocal tariffs, announced by U.S. President Donald Trump, sparked a mini-rally. This rally saw SOL nearly regain the April 7 losses from a low of $97.67 to reach a high of $129.86.

Solana subsequently experienced another significant decline, bottoming out just below $110 before rallying to attain a peak of $130.72 on April 12 at approximately 10 a.m. EST. At the time of writing, solana’s weekly gain was smaller than avalanche’s (AVAX) 12.8% and larger than hedera’s (HBAR) 6.6%.

The price movements of avalanche and hedera followed a similar pattern to solana’s, showcasing steep drops, which was fueled by the escalating trade war, followed by a mini-rally, presumably sparked by the tariff pause, and another drop. However, starting April 9, when it traded just above $16, AVAX experienced a rally that continued until April 12, where it peaked at $20.54 around 11 a.m. EST. HBAR rallied from a low of $0.1435 on the day to reach a peak of $0.1739. It remained within that range for the next three days.

Meanwhile, ethereum ( ETH), which has had a year to forget, ended the week as the biggest loser among the top 20 digital assets, with an 8.4% decline. Data shows ETH fell sharply on “Black Monday,” dropping to $1,431, its lowest in more than two years. However, unlike other top 20 digital assets, ethereum failed to erase the Black Monday losses, and by April 12, the number two crypto asset remained below the $1,800 level where it began the week.

ETH’s lackluster performance continues a poor run that is worrying even some of ethereum’s staunchest supporters. Some observers believe that reduced transaction volumes and lower network activity indicate decreasing user interest and adoption. Others believe lower transaction fees are spooking investors who see this affecting Ethereum’s economic model.

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News data source: kdj.com

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