This week has seen a lot of talk and action about some of the leading contenders in the digital asset space. Already, giants in the crypto community, Bitcoin, Ethereum, and Solana have become points of increased conversation and market movement, according to on-chain data provider Santiment.
The leading cryptocurrency is reaching closer to beating its previous all-time high set just four weeks ago with only 11 days remaining before the much-anticipated bitcoin halving event. Traders are positive that this post-halving surge can take Bitcoin’s market cap to $80,000 thereby making mining still profitable.
However, despite consistent network congestion issues resulting in transaction and staking difficulties, there is an unyielding group of fans for Solana. Its supporters argue that it has better speed and fee structures compared to Ethereum hence, it could be a viable option for them.
Ethereum’s Resurgence
When we talk about Ethereum, the second-largest cryptocurrency by market capitalization, this week has seen a lot of activities happening. NFTs based on ERC20 have again come into focus and are gaining attention. This also piqued interest in Ethereum with discussions around its growth path, network congestion, gas fees, and approval of Canada’s first Ether staking ETF.
ERC20 assets had an impressive growth rate of 8.1% last week, outperforming the broader market due to Ether’s positive start to the week. Some of the top gainers are TON, which rose by 21%; LDO, which increased by 12%; and ENA, with a similar increase.
In addition, the market capitalization of Ethereum has risen by an impressive 9.2% in the past 24 hours, which has led to the price going beyond $3,700 for the first time in over three weeks. According to Santiment’s Market Value to Realized Value feed, traders were making huge losses between April 2 and April 7 thus being a golden opportunity for Ethereum.
Today’s on-chain movements suggest that Ethereum is strengthening its position as a leader in the crypto market, which also indicates the highest profit/loss ratio observed so far this year and emphasizes current bullish sentiments around this digital asset.
However, amidst all this crypto hype talk, Bitcoin, Ethereum, and Solana appear as prominent topics for discussions and market activities like never before. The countdown to bitcoin halving is underway with Ethereum on its way up while Solona continues to see problems with its network; hence, these dominant cryptos remain on everyone’s lips.”
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