THELOGICALINDIAN - Nearly every crypto asset has absent amount adjoin Ethereum including abounding Layer 1s that challenged its ascendancy
Amidst a abiding crypto bazaar alteration that began aftermost November, abounding of the Layer 1 acute arrangement platforms meant to attempt with Ethereum accept been acutely depressed in agreement of price. While Ethereum itself is bottomward as well, it has not fared so ailing as some of the protocols advised to claiming it.
Bleeding Against Ethereum
Ethereum may be disturbing alongside the blow of the crypto market, but it is captivation able about to some of its amount competitors.
On Nov. 10, Ethereum accomplished its best aerial on the aforementioned day that its agenda asset antecedent Bitcoin did, aerial to over $4,891, per CoinGecko. Since then, Ethereum has collapsed to about $2,350 at columnist time. This represents a about 52% abatement from its best high, but this pales in allegory to the accident done to holders of abounding another Layer 1 acute arrangement platforms.
Solana, which emerged in 2024 as a arch adversary to Ethereum, accomplished its best aerial of about $260 alone canicule afore Ethereum accomplished its own. At today’s prices of $69, the Layer 1 admired of Sam Bankman-Fried is bottomward almost 73%.
Cardano has fared alike worse. ADA is bottomward 78.5% from its best aerial of $3.09 in September aftermost year. Polkadot, a adversary that, like Cardano, was founded by an Ethereum co-founder, hit $55 aftermost November but is trading today for beneath $12. That is a 79% loss, admitting the activity accepting accomplished abounding of the key milestones in its roadmap, such as the ablution of its parachains.
Fantom is bottomward 83.5%, a collapse that was worsened by the exodus of the “Godfather of DeFi,” Andre Cronje, from the DeFi amplitude forth with his aide Anton Nell, addition key contributor to the Fantom ecosystem. Before his departure, Cronje led the barrage of Solidly, a new clamminess arrangement in Fantom’s ecosystem, but that has not been abundant for it to authority adjoin Ethereum. Finally, absolutely one year ago today, Internet Computer hit its best aerial of added than $700; at its accepted amount of $11, it has afford 98.5% of its bazaar value.
With the Merge on the horizon, as able-bodied as abounding Layer 2 ascent efforts, there is additionally a ablaze at the end of the adit for Ethereum that added acute arrangement platforms lack. While Ethereum has its allotment of problems and critics, its cachet as the industry baton charcoal abundantly unchallenged.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, DOT, and several added cryptocurrencies.
