Large-Cap Ethereum Competitors Cardano, Solana and Avalanche Surge As Crypto Market Ticks Upward
Large-cap rivals of the smart contract platform Ethereum (ETH) surged on Friday as the crypto markets continued to move upward.
Cardano (ADA) had the strongest day in terms of large-cap, layer-1 blockchain projects, jumping by almost 20% over 24 hours.
The ninth-ranked crypto asset by market cap reached its highest price since August 2022 and is trading at $0.546 at time of writing. ADA is also up around 43% in the past seven days.
Avalanche (AVAX) also had a strong showing on Friday, gaining over 11% in 24 hours. The 11th-ranked crypto asset by market cap is still rising and trading at $32.10 at time of writing.
Ethereum, by comparison, traded sideways on Friday. The second-ranked crypto asset by market cap is priced at $2,366 at time of writing.
The crypto analytics firm Santiment encourages traders to proceed with caution in regards to the red-hot Ethereum competitors, noting that ADA’s social discussion rate hit a six-month high, while SOL’s hit its highest level in two months. The firm says the crowd “may be a bit too euphoric” about both assets.
The overall crypto market cap jumped by 2.4% on Friday, according to CoinGecko.
Generated Image: Midjourney