Avalanche’s AVAX overtakes Solana’s SOL in market cap

AVAX, the native coin of the Avalanche ecosystem, has joined Solana’s list of SOL topping tokens by market cap.

market statistics show that avalanche The market cap of AVAX token is $3.47 billion, while the current market cap of Solana is $3.43 billion. The bear market is shaking things up, and the coin is rising in value on a relative basis.

AVAX rising more than SOL in bear market

Both AVAX and SOL saw value declines on an absolute basis based on the US dollar price, but solana A more notable drop of 5.7% was observed over the previous day and 22.7% over the previous week.

probable cause steady decline Solana’s SOL numbers can be attributed first to the FTX collapse and the subsequent migration of two of its most popular NFT projects (dGods and Y00TS). Ethereum and Polygon Blockchain.

A cursory glance at the Solana decentralized finance (DeFi) ecosystem over the past four weeks shows a 98% drop from its all-time high of $10.17B to just $230.79M.

Avalanche's AVAX overtakes Solana's SOL in market cap -1
Solana Price. Source: TradingView

Earlier in the week, uniswap UNI token also surpassed Solana SOL market cap by 5.36%.

Avalanche's AVAX overtakes Solana's SOL in market cap - 2
Uniswap UNI Price. Source: Coinmarketcap.

A more general view of the market today shows that despite limited trading volume, shares of coinbase They were up 8% this week after hitting an all-time low at the start of the week. Robinhood gained 5%, and Galaxy Digital gained 10%. At 10:35 am ET, MicroStrategy bucked the trend and traded slightly lower.

Avalanche's AVAX overtakes Solana's SOL in market cap - 3
Coinbase Stock. Source: TradingView

in the hours of the previous day, both Bitcoin And Ethereum declined by 0.5% and 0.1%, respectively. The S&P 500 gained 1.6%, while traditional markets on the Nasdaq gained 2.3%.

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