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11/07/2023

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Solana vs Cardano: Which Ethereum Competitor Will Prevail? - ELEVENEWS

Bloomberg Intelligence analyst Jamie Coutts suggests that Solana (SOL), a strong rival of Ethereum (ETH), is positioned to outperform Cardano (ADA), another competitor of ETH. Comparison of Solana and...

Solana vs Cardano: Which Ethereum Competitor Will Prevail? - ELEVENEWS

Bloomberg Intelligence analyst Jamie Coutts suggests that Solana (SOL), a strong rival of Ethereum (ETH), is positioned to outperform Cardano (ADA), another competitor of ETH.

Comparison of Solana and Cardano

Senior cryptocurrency analyst Jamie Coutts points out that Solana has a much larger daily user base than Cardano, but the market value of ADA is still approximately 75% of SOL’s market value.

He believes that Cardano will gain market share in the more active Solana ecosystem and elevate itself against SOL. The analyst stated the following:

Despite Cardano only having 16% of the daily users, Solana still holds a market share of about 75%. There is still a long way to go for Cardano.

Additionally, the senior analyst, referring to the shared charts, claims that the SOL/USD and ADA/USD pairs have surpassed bear market resistance and are trending upwards. At the time of writing, Solana’s market value was $17.30 billion, while Cardano’s was $12.71 billion.

Critical Metric in Bitcoin!

Jamie Coutts also highlights that the number of addresses holding Bitcoin (BTC), the leading cryptocurrency, has reached an all-time high (ATH) after two consecutive purchases. He suggests that investors are holding onto their Bitcoin in the long term as they anticipate the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The senior analyst emphasized the following:

Despite the 100% rally in 2023, the situation remains strong thus far. The addresses that have been purchased twice and not sold have reached a new ATH of 844,000. This represents over three million BTC or 16% of the circulating supply. Holders will make ETF investors pay the price for this.

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https://elevenews.com/2023/11/07/solana-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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