[Solana and Avalanche soar, approaching BNB and Ethereum]
After the crypto market experienced the collapse of the Terra blockchain and the failure of FTX, Solana (SOL) and Avalanche (AVAX) suffered heavy losses against the US dollar, briefly falling out of the top ten tokens. However, they have now made a strong comeback, with SOL jumping to fifth place, overtaking XRP, while AVAX is in ninth place, excluding Lido’s STETH.
Since the start of 2023, both SOL and AVAX have experienced impressive triple-digit growth. Solana is up 734% since January 1 and Avalanche is up 306%, with 104% of that growth occurring in the most recent month.
Currently, Solana is only $4.04 billion away from becoming the fourth largest crypto asset by market capitalization, closely following BNB, but still has a $227.6 billion gap in market capitalization from Ethereum. SOL is currently trading 68.20% below its high of $259 (November 6, 2021).
It's a similar story for AVAX, which is 69.6% below its peak price of $144 on November 21, 2011.
In the market capitalization ranking of smart contract platform tokens, SOL and AVAX rank third and fifth respectively. Both tokens have performed well among the top ten smart contract platform tokens over the past week.
The remarkable comebacks of Solana and Avalanche demonstrate the dynamic nature of the cryptocurrency market, proving that even with setbacks, there are still opportunities to challenge major contenders such as BNB, ADA, and XRP.
