Crypto News Today- Ether Market Cap Grows by Nearly the Entire Size of a Solana Blockchain in Just One Day

Ether Market Cap Increases by Almost the Equivalent of a Entire Solana Blockchain in One Day

Crypto News– In December, a crypto observer suggested that Solana’s sol token could surpass Ethereum’s ether (ETH) in market capitalization during the next bullish cycle. However, recent market dynamics illustrate the magnitude of this challenge: On Monday, the ether price surged over 19%, adding $70 billion to its market cap, totaling $439 billion, according to TradingView data. This gain represents nearly 90% of SOL’s market value in a single day.

The surge was fueled by renewed optimism surrounding the potential approval of a spot ether exchange-traded fund (ETF) in the U.S. Analysts predict that if a spot ETF is launched, the gap between ether and competitors like SOL will widen, leading to increased institutional adoption. As of now, only bitcoin has enjoyed this privilege.

Since its inception in 2015, Ethereum has held its position as the world’s leading smart contract blockchain, hosting over 4,000 decentralized applications. It serves as the foundation for critical decentralized finance protocols such as Uniswap and AAVE, along with tokenization initiatives like BlackRock’s BUIDL. Notably, Ethereum has maintained uninterrupted service without experiencing a Solana-like outage.

However, during bull runs, there have been instances where traders shifted to Solana to avoid Ethereum’s network congestion and higher transaction costs. Earlier this year, Solana’s share in global trading volume on decentralized exchanges increased significantly, driven by the meme coin frenzy. This led to speculation about SOL potentially surpassing ETH.

Yet, if we consider the speculation surrounding the ETH ETF and recent price movements, such discussions may be premature.

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