JAKARTA – Ethereum as the second largest cryptocurrency in the world by market capitalization must be vigilant. The reason is, the cryptocurrency has many competitors who are trying to overthrow ETH from the second position after Bitcoin. Call it Solana (SOL) and Avalanche (AVAX) cryptocurrencies.
The meteoric rise of the two Ethereum killers is inseparable from the network fees which are much cheaper than ETH. Lately, many Ethereum network users have complained about high gas fees. Therefore, they prefer ETH alternatives such as SOL and AVAX which offer very cheap gas fees.
It's no wonder that in the last few months SOL and AVAX have skyrocketed. Entering 2022, SOL and AVAX seem to be having a hard time getting back to their best.
According to U.Today, the declining popularity of NFT and decentralized finance (DeFi) has contributed to the decline in the price of the SOL cryptocurrency. Market data from Tradingview reveals that Solana's price increase is almost completely correlated with the ups and downs of the NFT industry.
After experiencing an astonishing increase to a new all-time high (ATH) in November, SOL is now down about 30 percent of its ATH. Solana currently occupies the fifth position of the largest crypto by market capitalization.
Apart from SOL, crypto Avalanche (AVAX) also experienced a significant decline. The price of AVAX fell about 23.3 percent from the ATH it posted on November 21, 2021. This Layer 1 network alternative failed to maintain its value during crypto market corrections.
At the time of writing, the price of AVAX was trading at the level of Rp. 1,587,591, a decline of 3.5 percent in the last 24 hours. Meanwhile, SOL crypto is traded at a price of IDR 2,467,731. Solana prices have fallen 1.5 percent in the last 24 hours, according to data from Coingecko. On the other hand, AVAX showed its best performance in the market sell-off with a 50 percent rally in mid-December 2021.
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