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Home»ETHEREUM NEWS»Ethereum, Solana Market Cap Doubles: Why Is ETH Struggling?
ETHEREUM NEWS

Ethereum, Solana Market Cap Doubles: Why Is ETH Struggling?

By Crypto FlexsNovember 29, 20233 Mins Read
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Ethereum, Solana Market Cap Doubles: Why Is ETH Struggling?
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According to one cryptocurrency user from X, Ethereum is in a different class from Solana. The pioneering smart contract platform is attracting significantly more capital from the community than fourth-generation blockchains, despite ETH price action being quiet in the final month of trading.

Ethereum attracts $58 billion, double Solana’s market capitalization

in post On November 16, @litocoen, who identifies himself as the creator, noted that the coin was able to attract $58 billion in the past 30 days as the price of Ethereum rose above resistance levels in November, trading above $2,000. The creator added that the liquidity surge is double Solana’s overall market capitalization. This further emphasized that Ethereum is “a different asset class at this point” and the path to $10,000 seems inevitable.

Ethereum market capitalization | Source: @litocoen on X

Ethereum is on the rise in spot rates, adding 30% in the last trading month. Meanwhile, the daily chart shows the coin is falling from the $2,000 level and has failed to break the July 2023 high of $2,100. Overall, ETH fell slightly this week, failing to build on the gains of November 9th. This was a major disappointment to optimistic traders who expected the coin to surge.

Ethereum price is showing a downward trend on the daily chart |  Source: ETHUSDT on Binance, TradingView
Ethereum price is showing a downward trend on the daily chart | Source: ETHUSDT on Binance, TradingView

ETH’s failure to advance on the back of last week’s gains came at a time when major coins, particularly Solana, were on the rise, easing key reaction levels as the bulls took control. For example, SOL is up more than 200% from its October low.

There has been some cooling off from this month’s high of around $67, but the upward trend is clear and defined. At this time, we don’t know if SOL has reached a local high and is likely to reverse in future sessions. What is clear is that SOL has outperformed most of the top ten coins, including ETH and Bitcoin (BTC), as well as XRP and Cardano (ADA).

Do you blame liquidity for Ethereum’s problems?

The solid performance may be partly due to Solana’s relatively low liquidity. As the author notes, Ethereum added $58 billion last month, which is double Solana’s overall market capitalization, which currently stands at $26 billion at the time of writing on November 16. Coins with low market capitalizations are generally marked as having low liquidity, high volatility, and relatively low volatility. Trading volume.

Previously, MakerDAO, the DAO that manages DAI and supports Maker, one of the largest decentralized finance (DeFi) protocols, said it was exploring the possibility of deploying a new blockchain using Solana code. If this were to happen, it would be a significant departure, as MakerDAO has historically relied on Ethereum and DAI is only available on pioneering blockchains.

Featured image from Canva, chart from TradingView

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