Skip to main content

Ethereum Falls Behind Solana In Major Metric, Is Altcoin Season At Risk?

Recent data has shown that Ethereum briefly fell behind Solana in a major metric. This has raised questions about what it could mean for the altcoin season, since ETH usually leads the way during that period.  

Ethereum Falls Behind Solana In Perp Volume

DeFiLlama data shows that Ethereum fell behind Solana in perp volume by chains on August 14. The former recorded a perp volume of $2.667 billion while the latter recorded a perp volume of $2.989 billion during this period. However, Ethereum has quickly reclaimed its position above Solana to rank second behind Hyperliquid over the last two days. 

Further data shows that Ethereum recorded $2.22 billion in perp volume on August 15, while Solana saw $1.635 billion in volume. Meanwhile, Ethereum hit $2.22 billion again in perp volume on August 16 while Solana’s volume stood at $1.635. Over the last 30 days, ETH is also well ahead of Solana, with the former recording a $61.067 billion volume while the latter hit $44.406 billion in perp volume. 

Furthermore, Ethereum ranks number one in terms of decentralized exchange (DEX) volume, above Solana. The former’s DEX volume in the last 24 hours stands at $4.817 billion, while the latter’s stands at $3.869 billion. Over the last 30 days, ETH has also recorded the most DEX volume, hitting $123.513 billion, while Solana hit $114.681 billion. 

Ethereum’s lead in these major metrics coincides with the resurgence of its native coin, ETH. The largest altcoin by market cap is up over 33% in the last 30 days and 78% in the last 90 days. Solana is up just 10% and 11% during these periods, respectively. This suggests that ETH is still likely to lead the altcoin season when it finally happens, with its dominance notably rising against Bitcoin’s. 

Altcoin Season Is Coming, And ETH Is Driving It

In an X post, Coinbase declared that the altcoin season is coming and suggested that Ethereum is the major catalyst behind the altcoin season. The exchange noted that as September approaches, the transition to a full-scale altcoin season is likely. They added that this positive outlook stems from macro trends such as potential Fed rate cuts and expected regulatory advancements. 

Regarding Ethereum’s role, Coinbase stated that institutional interest in ETH is driving the altcoin season at the moment. This interest is fueled by digital asset treasuries like BitMine and stablecoin narratives. The exchange added that the divergence in the altcoin season index and total altcoin market cap reflects rising institutional interest in ETH. 

Ethereum

At the time of writing, the Ethereum price is trading at around $4,400 while Solana is at $188, both down in the last 24 hours, according to data from CoinMarketCap.

Ethereum

from Bitcoinist.com https://ift.tt/1ek0tcl
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Remains Range-Bound As Volatility Declines – Analyst Explains Price Action

Bitcoin has experienced frustrating price action in recent weeks, leaving investors impatient about its short-term direction. The price has been testing crucial supply levels between $98K and $100K, struggling to break out as uncertainty dominates the market. The lack of a clear move has led to speculation about whether BTC is preparing for a breakout or another correction. Adding to the uncertainty, the market was hit by negative news on Friday when crypto exchange Bybit was hacked, resulting in the theft of $1.4 billion in ETH. The incident caused fear and volatility, briefly dragging prices lower. However, Bybit responded quickly to reassure investors, easing some of the initial panic and stabilizing the market. Despite this, Bitcoin continues to consolidate in a tight range. Crypto expert Daan shared an analysis on X, noting that BTC is still ranging while volatility is steadily decreasing. As price compression increases, traders are on high alert for a potential explosive move....
Post a Comment
Read more

OpenSea Dodges A Bullet As SEC Drops Investigation—Details

In a move that many in the crypto industry view as a positive signal, the US Securities and Exchange Commission (SEC) has officially discontinued its investigation into OpenSea, the leading NFT marketplace. This decision concludes months of uncertainty regarding the regulatory status of NFTs and their classification under US securities laws. SEC Decision Signals A Shift On February 21, 2025, Devin Finzer, the CEO and co-founder of OpenSea, said the SEC will not take any enforcement action against the firm. This comes following the August 2024 Wells Notice to OpenSea issued by the SEC, which indicated the possibility of legal action on alleged unregistered securities offenses. The outcome of this case suggests a possible shift in the way authorities handle NFTs, therefore affecting the whole scene of digital assets. For the industry, this outcome has been seen as a major turning point. Though they are in rivalry with OpenSea, Chris Akhavan, the Chief Business Officer of Magic Eden,...
Post a Comment
Read more