Bittime – At the beginning of the week, Solana (SOL) and Cardano (ADA) showed improvement, but both experienced significant weekly withdrawals, lagging behind Ethereum (ETH). Although both altcoins experienced positive inflows at the start of the week, changes in market sentiment led to subsequent losses.
Ethereum remains the leading smart contract blockchain, even as new networks offer faster speeds and lower transaction fees. In December, Solana's non-fungible token (NFT) token activity surpassed Ethereum's, signaling the network's growing adoption. This week, meme coin Solana significantly increased its asset price.
Also read: On the Rise, Will Solana (SOL) Reach ATH Again?
Weekly Performance of Solana (SOL) and Cardano (ADA)
Solana price fell by 0.86% this week, currently trading at $166.51 (approximately IDR 2,685,000.00). In the last 24 hours, Solana fell an additional 5% amid bearish market sentiment. Cardano saw a larger weekly drawdown of 5.43%, with a 4.3% drop in the last 24 hours.
SOL and ADA Rise Due to Ethereum ETF News
Initially, both coins were impacted by inflows driven by anticipated approval of an Ethereum ETF in the US. Solana trading volume increased by 18% today, indicating potential for a market rebound. Cardano also saw a 16% increase in daily trading volume
Also read Cardano (ADA) Developments and Ethereum ETF Challenges .
The Community's Role in Stabilizing Solana and Cardano Prices
Despite the bearish trend, community development has played a role in stabilizing both assets. Solana's market capitalization is at $74.43 billion (around IDR 1,200 trillion), while Cardano's is at $16 billion (around IDR 258 trillion). Total value locked (TVL) on Solana ended the week at $4.6 billion (around Rp. 74.2 trillion), a decline of 3.6%, with platforms such as Jito, Marinade, and Kamino contributing to the TVL.
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Ethereum Market Surge: Thanks to Spot ETF Approval
Ethereum has been the main focus this week, with spot ETF approval dominating trader discussions. On May 23, the US Securities and Exchange Commission (SEC) approved several Ethereum ETFs, sparking renewed market enthusiasm. Ethereum price surged by 20.3% this week, making it the top gainer among the top 10 cryptocurrencies. Trailing only meme coin PEPE in the top 20 for weekly gains.
Also read SEC Speeds Up Ethereum ETF Approval: Will ETH Price Skyrocket?
Solana Outperformed Ethereum in Last Year
Last year, Solana outperformed Ethereum by attracting significant institutional investment interest in its product. However, the recent approval of an Ethereum ETF has strengthened Ethereum's market position, cementing its dominance in the cryptocurrency space.
Also Read How To Buy Crypto:
Various Information About Ethereum ETFs
- According to CoinTelegraph, the approval of an Ethereum ETF is expected to lead to substantial capital inflows, similar to the impact observed with Bitcoin ETFs.
- Citi analysts estimate that Net Inflow into Ethereum could range between $3.8 billion to $4.5 billion (around IDR 61.3 trillion to IDR 72.6 trillion), potentially pushing its price up by 23%-28%.
- Furthermore, Coinglass data shows that after the news of the ETF approval, the price of Ethereum peaked at $3,993 (around Rp. 64.4 million) before correcting to $3,798 (around Rp. 61.2 million). This correction led to the liquidation of significant ETH long positions, totaling $92 million (around IDR 1.5 trillion).
Conclusion
Even though Solana and Cardano faced fund withdrawals this week, Ethereum's market dominance remains unwavering, strengthened by its recent ETF approval. Solana and Cardano's performance highlights the dynamic nature of the crypto market, where sentiment can shift quickly based on regulatory and market developments.
As the market continues to develop, these assets will likely experience further fluctuations, influenced by broader market trends and individual network developments.
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How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Also:
Ether (ETH) spot ETF Forecast Release Next Month
SEC Speeds Up Ethereum ETF Approval: Will ETH Prices Skyrocket?
Get ready! Ethereum ETF Launching Soon, Will It Push ETH Prices Higher?
Ethereum ETF: Attractive Crypto Asset According to LayerGG After ETH ETF Approved
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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