Recent data shows that Ethereum was temporarily behind Solana on its main metric. This raises doubts about what it means Altcoin seasonETH is usually because they lead the way during that period.
Ethereum falls behind Solana at Forge Volume
Defilama data Ethereum shows that it fell to Solana in Forge Volume by Chain on August 14th. The former is perp volume Of the $2.667 million, the latter recorded a PARP volume of $2.989 billion during this period. However, Ethereum quickly regained its position above Solana, ranking it second only to high lipids over the past two days.
According to further data, Ethereum recorded a $2.22 billion PARP volume on August 15, while Solana saw a $1.635 billion volume. Meanwhile, Ethereum hit $2.22 billion on August 16th. Solana’s volume It was $1.635. Over the past 30 days, ETH has far surpassed Solana, with the former reaching a $6.167 billion volume, with the latter reaching a $4440.6 billion PARP volume.
Additionally, Ethereum ranks number one in terms of distributed exchange (DEX) volumes above Solana. former Dex Volume It was $4.817 billion in the last 24 hours, with the latter at $3.869 billion. In the last 30 days, ETH recorded the most Dex volume, reaching $12.3513 billion, while Solana reached $11468.1 billion.
Ethereum’s lead in these key indicators coincides with the revival of its native coin, ETH. Altcoin, the largest by market capitalization, has risen by over 33% in the last 30 days and 78% in the last 90 days. Solana has risen by 10% and 11% respectively over these periods. This suggests that ETH is likely to ultimately lead the Altcoin season. Its control It especially rises against Bitcoin.
The Altcoin season is approaching, and ETH is pushing for it
in xPostCoinbase declared that the Altcoin season is coming, suggesting that Ethereum is the main catalyst behind the Altcoin season. The exchange noted that as September approaches, there is a high possibility of a full-scale Altcoin season moving forward. They added that this positive outlook comes from macro trends such as possibilities Fed rate reduction Anticipated regulatory advancements.
Regarding the role of Ethereum, Coinbase said that institutional interest in ETH is currently driving the Altcoin season. This interest is promoted Ministry of Digital Assets Treasury Like the stories of Bitmine and Stablecoin. The exchange added that the divergence of the Altcoin Season Index and the total market capitalization of Altcoin reflects a growing institutional interest in ETH.
At the time of writing, Ethereum prices are trading at around $4,400, while Solana is at $188, both of which have been down in the last 24 hours. data From CoinMarketCap.
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