Summary:
Solana has gained more than 5% against BTC since the year started.
Ethereum has tumbled over 20% against BTC this year.
Solana (SOL) has skyrocketed over 200% against BTC in the last 12 months.
Bitcoin currently dominates 56.4% of the $2.12 trillion crypto market.
Ethereum's market cap is 4.37 times greater than Solana's.
Over the past week, market watchers have been buzzing about Solana's performance against Bitcoin (BTC), especially in comparison to Ethereum (ETH). Since the start of the year, Ethereum has tumbled over 20% against BTC, while Solana has gained more than 5%.
Solana, Ethereum, and Bitcoin — Dominance Competition Heats Up Among Crypto Giants
In terms of U.S. dollar performance, Solana (SOL) has been on a roll this year, climbing more than 50% year-to-date (YTD). In contrast, Ethereum (ETH) has seen a modest rise of 14% against the dollar since January 1, 2024. When matched against Bitcoin, the story shifts slightly due to BTC’s roller-coaster ride with the dollar. Over the last 12 months, SOL has skyrocketed over 200% against BTC, while ETH has dipped by 31.71% against BTC in the same timeframe.
Despite Bitcoin hitting a fresh all-time high this year, neither ETH nor SOL have surpassed their previous peaks. ETH remains over 46% below its all-time high of $4,878 per coin, and SOL is down over 40% from its $259 mark reached on November 6, 2021. Bitcoin’s dominance in the market has expanded this year, currently accounting for 56.4% of the $2.12 trillion crypto economy.
In contrast, ETH’s dominance has slipped below 15%, now sitting at 14.8% of the market’s total value. ETH’s market cap is still considerably larger than SOL’s, being 4.37 times greater today. As of August 10, 2024, ETH’s market cap stands at $313 billion, while SOL’s is around $71.63 billion. This puts ETH’s dominance at 14.8% of the $2.12 trillion market cap, with SOL’s presence being a modest 3.38%.
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 ETH’s market performance? Share your thoughts in the comments below.
Comments