Benzinga - Ethereum’s native cryptocurrency, Ether (CRYPTO: ETH), has made a promising leap in the past 24 hours.
What Happened: After a stumble that nearly brought the world's largest crypto down to $1,900, Ether has surged by more than 3% in the last 24 hours, reclaiming its stance above the $2,000 threshold and hovering close to $2,060.
2023 has been a roller coaster for crypto investors, with ETH now up 71% year to date. In the broader crypto landscape, native tokens from layer 1 blockchains that are posed to be ‘Ethereum killers' such as Solana (CRYPTO: SOL) and Avalanche (CRYPTO: AVAX) have eclipsed many altcoins.
The Altcoin Leaders: SOL, in particular, has attracted attention, nearly tripling in worth over the past month, and registering a striking 566% increase since the year’s start. Its resurgence comes as FTX-related fears dissipate and institutional investors show augmented interest. At the time of writing, SOL was trading at $66.
AVAX, with an 87% year-to-date uptake, rode the wave of enthusiasm following JPMorgan and Apollo’s demonstration of how asset managers could leverage blockchain to tokenize funds. AVAX was up 23% trading at $21.92.
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On The Flip Side: Despite the optimism, it’s important to note SOL’s precarious journey. In November 2022, concerns were raised regarding the stability of SOL’s price after CoinDesk reported potential vulnerabilities in Sam Bankman-Fried’s business conglomerate. The subsequent downfall in Bankman-Fried's empire, leading to his imprisonment and conviction on seven charges, had a dire impact on SOL’s market value.
But the narrative has taken a turn for the better. SOL has escalated by 165% in the past 30 days, crowning it as the top-performing major cryptocurrency. The asset accrued a market cap of $26.3 billion, reflecting a revitalized hype around it.
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