- Solana’s rise in 2023 raises questions on whether the token could surpass Ethereum.
- The digital asset’s 945% increase this year far outpaces Ethereum’s 98%.
- Ethereum continues to maintain its unchallenged dominance in market cap and TVL.
Layer-1 blockchain Solana’s sporadic and unexpected rise this year has been marked with excitement from holders and speculations for a wider market takeover.
The token now sits comfortably above the $100 threshold after rising all through the year. Dubbed the Ethereum-killer, Solana first gained prominence in 2021 when its enthusiasts asserted the blockchain’s speed and low fees would push it to flip Ethereum.
Given its rise this year, a feat that far outpaces that of Ethereum, the conversations are back in the fore. Compared to Solana’s 945% rise, Ethereum grew around 98% this year, which, although significant, is a more muted price movement.
However, the brewing competition from Solana extends beyond the price movements. Recent reports note that the layer-1 blockchain has flipped to Ethereum as the alternative cryptocurrency of choice in other trading aspects.
This month, Solana temporarily surpassed…
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