Ether's Market Cap Is Soaring, Nearly Matching Solana's Total
According to CoinDesk, Ether's market cap increased significantly to over $70 billion on Monday, nearly equaling Solana's (SOL) total market cap of around $80 billion. Market analysts predict that the gap between Ether (ETH) and its rivals such as SOL will continue to widen in the coming months.
In December, a crypto observer suggested that the market cap of Solana's SOL token could surpass Ethereum's Ether in the next bullish cycle. But this week's market performance revealed the magnitude of this task. Ether's price rose over 19% on Monday, adding $70 billion to its market cap, bringing the total to $439 billion, according to TradingView data. This increase corresponds to almost 90% of SOL's market value in a single day.
The rise in Ether's value is attributed to renewed optimism regarding the potential approval of a spot Ether exchange-traded fund (ETF) in the US. Analysts believe that the gap between Ether and rivals such as SOL will widen in the coming months. A potential spot ETF launch could lead to institutional adoption of the token. So far, only Bitcoin has had this privilege.
As of reporting date, Ether was the world's second-largest digital asset with a market cap of $453 billion, surpassed only by Bitcoin's $1.38 trillion. Solana ranked fifth with a market value of $82 billion.
