Recently, the smart contract platform tokens solana (SOL) and avalanche (AVAX), both considered layer one (L1) crypto assets, have been narrowing the gap with ethereum (ETH), the most prominent smart contract platform in terms of market valuation. Over the past month, solana has experienced a 42% surge, while avalanche has soared by 104%.
Solana and Avalanche Make Strong Comeback in Crypto Market
Following the collapse of the Terra blockchain and the FTX failure, SOL and AVAX suffered substantial declines against the U.S. dollar. These cryptocurrencies, once ranked among the top ten, were briefly ousted from their elite top ten status.
However, they have since reclaimed their positions among the top ten leading tokens, with SOL currently in fifth place, having overtaken XRP, and AVAX at ninth, excluding Lido’s staked ether (STETH) from the count.
Since the beginning of 2023, both SOL and AVAX have registered impressive triple-digit growth. Solana has escalated by 734% since Jan. 1, 2023, while avalanche has increased by 306% year-to-date, with 104% of this growth occurring in the last month alone.
Solana is now the closest contender to ethereum, needing an additional $4.04 billion to surpass BNB, the fourth-largest crypto asset. However, solana’s market capitalization remains $227.6 billion behind ethereum’s. At present, SOL is trading 68.20% below its all-time high of $259 per unit, which it reached on Nov. 6, 2021.
Similarly, AVAX is 69.6% below its peak price of $144, recorded on Nov. 21, 2021. Currently, at 2:34 p.m. (EST) SOL is priced at $82.59, up 13.1% in the last 24 hours, while AVAX is trading at $43.96, reflecting a more than 9% increase in the same period.
Among the leading smart contract platform tokens by market capitalization, SOL and AVAX hold the third and fifth positions, respectively. Over the past week, these two cryptocurrencies have outperformed all others within the top ten smart contract platform coins.
The notable resurgence of solana and avalanche underscores the dynamic nature of the cryptocurrency market at any given time. Despite past setbacks, both SOL and AVAX have demonstrated signifcant growth, challenging the dominance of established players like BNB, ADA, and XRP.
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