Ethereum’s native cryptocurrency, Ether ETH/USD, has made a promising leap in the past 24 hours.
What Happened: After a stumble that nearly brought the world's largest crypto down to $1,900, Ether has surged by more than 3% in the last 24 hours, reclaiming its stance above the $2,000 threshold and hovering close to $2,060.
2023 has been a roller coaster for crypto investors, with ETH now up 71% year to date. In the broader crypto landscape, native tokens from layer 1 blockchains that are posed to be ‘Ethereum killers' such as Solana SOL/USD and Avalanche AVAX/USD have eclipsed many altcoins.
The Altcoin Leaders: SOL, in particular, has attracted attention, nearly tripling in worth over the past month, and registering a striking 566% increase since the year’s start. Its resurgence comes as FTX-related fears dissipate and institutional investors show augmented interest. At the time of writing, SOL was trading at $66.
AVAX, with an 87% year-to-date uptake, rode the wave of enthusiasm following JPMorgan and Apollo’s demonstration of how asset managers could leverage blockchain to tokenize funds. AVAX was up 23% trading at $21.92.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
On The Flip Side: Despite the optimism, it’s important to note SOL’s precarious journey. In November 2022, concerns were raised regarding the stability of SOL’s price after CoinDesk reported potential vulnerabilities in Sam Bankman-Fried’s business conglomerate. The subsequent downfall in Bankman-Fried's empire, leading to his imprisonment and conviction on seven charges, had a dire impact on SOL’s market value.
But the narrative has taken a turn for the better. SOL has escalated by 165% in the past 30 days, crowning it as the top-performing major cryptocurrency. The asset accrued a market cap of $26.3 billion, reflecting a revitalized hype around it.
Photo by CMP_NZ on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.