Ethereum
Solana (SOL) dominates Ethereum (ETH): co-founder of Glassnode
Alex Dovbnya
Glassnode Co-Founder Yann Allemann Believes Crypto Asset Rotation Is Already Underway
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According to Yann Allemann, co-founder of Glassnode, the turnover of capital within the cryptocurrency market has begin.
Allemann noted that Solana (SOL) currently dominates Ethereum (ETH). His assessment comes after the former gained around 10% against the latter since May 27.
The SOL/ETH pair saw a significant decline following the approval of several Ethereum spot exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) earlier this month. On May 27, the price of Ethereum peaked at $3,973 on the Bitstamp exchange. However, the excitement over the coveted SEC nod quickly dissipated, with ETH losing 7% over several days. The SEC has not yet approved the S-1 registration statements for these ETFs to go live.
At the same time, Bitcoin’s market dominance has collapsed by more than 4% since May 6 after crossing the 56% mark.
Once a certain cryptocurrency rallies, it tends to calm down, while traders take profits and bet on other assets. Capital turnover within cryptocurrencies can also take place internally, meaning that the same cryptocurrency is acquired at different prices.
Despite its recent weakness, Bitcoin is still neck and neck with Ethereum since the start of the year. The two cryptocurrencies are up 77.71% and 79.38% respectively.
Solana ETF?
After Bitcoin and Ethereum benefited from the ETF hype, analysts are now turning their attention to other potential cryptocurrency competitors.
As reported by U.Today, CNBC contributor Brian Kelly predicted that Solana could become the next major digital asset to get its own ETF. This vision is also sharing by the American financier Anthony Scaramucci and the British bank Chartered standard.
Meanwhile, the Chicago Mercantile Exchange (CME) recently shut down rumors about the potential launch of Solana-based futures contracts.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.