According to a cryptocurrency user on was silenced in the last month of operations.
ethereum attracted $58 billion, double Solana’s market cap
in a mail On November 16, @litocoen, who describes himself as a creator, noted that with ethereum prices rising above the resistance level to trade above $2,000 in November, the coin managed to attract 58 billion dollars in the last 30 days. The creator added that the liquidity increase is double Solana’s total market cap, further highlighting that ethereum is a “different asset class right now,” and the path to $10,000 seems inevitable.
ethereum is on an uptrend to spot rates, adding 30% in the last month of trading. Meanwhile, the daily chart shows the coin falling from the $2,000 level, failing to break above the July 2023 highs of $2,100. Overall, eth has been inching lower this week, failing to build on the gains from November 9, much to the disappointment of bullish traders who were expecting the coin to skyrocket.
eth‘s failure to rise, building on last week’s gains, is when leading coins, especially Solana, have been rising, surpassing key reaction levels as bulls dominate. As an example, SOL is up over 200% from the October lows.
Although there has been a slight cooldown from this month’s high of around $67, the uptrend is clear and defined. For now, it is unknown if SOL has reached a local peak and is likely to retreat in the coming sessions. What is clear is that SOL has outperformed not only eth and bitcoin (btc), but also most of the coins in the top 10, including XRP and Cardano (ADA).
Do you blame liquidity for ethereum‘s problems?
The strong performance could be partly due to Solana’s relatively low liquidity. As the creator notes, ethereum added $58 billion in the last month, double Solana’s total market cap, which currently stands at $26 billion as of writing on November 16. Coins with smaller market capitalization are usually less liquid and more volatile, marked with relatively low values. trading volume.
Previously, MakerDAO, the DAO that runs DAI and behind Maker, one of the largest decentralized finance (DeFi) protocols, said it was exploring the possibility of implementing a new blockchain using the Solana code. This would be a significant change if this happens because MakerDAO has historically relied on ethereum and DAI is only available on the pioneering blockchain.
Featured image from Canva, TradingView chart
