Ethereum Draws $58 Billion in 30 Days, Outpacing Solana Despite Price Action

Ethereum's Uptrend and $2,000 Resistance

Ethereum has experienced an uptrend, gaining 30% in the last month, with prices surpassing the $2,000 resistance level. Despite this positive momentum, Ethereum has struggled to breach the July 2023 highs of $2,100. While the coin has been inching lower, @litocoen expresses optimism about Ethereum's path, suggesting an inevitable journey towards $10,000.

Solana's Exceptional Performance

In contrast to Ethereum's recent performance, leading coins like Solana have been surging, with SOL witnessing over a 200% increase from October lows. Despite a slight cooldown from this month's peak of around $67, SOL has outperformed not only Ethereum and Bitcoin but also other top 10 coins like XRP and Cardano (ADA).

Liquidity Factors in Ethereum's Performance

@litocoen suggests that Ethereum's underperformance may be attributed to its relatively high liquidity compared to Solana. Ethereum's $58 billion increase in the last month exceeds Solana's total market cap, standing at $26 billion as of November 16. Lower market cap coins like Solana are often less liquid and more volatile, characterized by lower trading volumes.

MakerDAO Explores Solana Blockchain Deployment

Notably, MakerDAO, a significant player in decentralized finance (DeFi), is considering deploying a new blockchain using Solana code. This potential move signifies a departure from MakerDAO's historical reliance on Ethereum, where DAI is exclusively available. If implemented, this shift could impact the dynamics between Ethereum and Solana in the crypto space.