Large competitors to smart contract platform Ethereum (ETH) surged on Friday as the cryptocurrency market continues to rise.
Cardano (ADA) had its best day in terms of large-scale layer 1 blockchain projects, up nearly 20% in 24 hours.
The ninth-largest cryptocurrency asset by market capitalization has hit its highest price since August 2022 and is trading at $0.546 at the time of this writing. ADA is also up about 43% in the last 7 days.
Avalanche (AVAX) also had a strong performance on Friday, rising more than 11% in 24 hours. The 11th largest cryptocurrency asset by market capitalization is still on the rise and is trading at $32.10 as of this writing.
Additionally, Polkadot (DOT) surged nearly 9% on Friday, while Solana (SOL) surged 6.5%. DOT traded at its highest since April, while SOL hit a 19-month high.
In comparison, Ethereum traded sideways on Friday. The price of the second-largest cryptocurrency asset by market capitalization is $2,366 at the time of this writing.
Cryptocurrency analysis company Santiment encourage Traders should proceed with caution when it comes to hot Ethereum competitors, noting that ADA’s social discussion rate hit its highest in six months, while SOL’s social discussion rate hit its highest level in two months. The company says the crowd may be “a little too happy” about both assets.
The overall cryptocurrency market cap rose 2.4% on Friday, according to CoinGecko.
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