Ethereum’s Dominance Challenged as SOL, TON Rise

• SOL and TON rose 2% and 4.5% in the past 24 hours, respectively.
• ETH was down 0.5%, trading at $2,736, up 66% since August 2023.
• SOL and TON are up a massive 686% and 295% since August 2023.

Solana (SOL) and Toncoin (TON) surged on Monday, outperforming the world’s second-largest cryptocurrency, Ether (ETH), by market capitalization. Meanwhile, Bitcoin (BTC), the market leader, remained sluggish, trading at $63,450 at press time.

According to the data from CoinMarketCap, SOL rose almost 2% and is trading at $159.45 and the cryptocurrency jumped from a 24-hour low of $156.03 to a high of $161.95. However, the altcoin is down a whopping 38.76% from its all-time high of $260 witnessed on November 7, 2021, during the previous crypto market bull run. 

SOL’s trading volume dropped 28.89% in the past 24 hours and currently sits at $1.93 billion. Its market cap stands at $74.3 billion. The altcoin is up 12.03% in the past week but down 9.96% in the past month. However, SOL has gained a massive 686.04% since August 2023.

Meanwhile, TON increased 4.58% in the past 24 hours and trades at $5.64, with a 34.67% decrease in trading volume. Its market cap is $14.3 billion. TON is down 17.52% in the last week and 16.72% in the past 30 days but is up 295.01% since August 2023.

TON rose from a low of $5.45 to a high of $5.94 in the past 24 hours and is down 31.69% from its all-time high of $8.24 witnessed on June 15, 2024. The cryptocurrency is ranked 10th in the list of top digital assets by market cap.

SOL and TON boast higher social media engagement rates, confirming they are gaining popularity compared to ETH. Interestingly, both TON and SOL have outperformed ETH, which is up only 66.11% since August 2023. While ETH is up 4.47% in the past seven days, it’s also down 15.93% in the last month, indicating a downtrend. ETH is trading at $2,736.88, down 0.5% in the past 24 hours.

If TON and SOL continue to outperform ETH, the second-largest cryptocurrency’s dominance could be at risk. With TRX also on the rise, ETH is facing strong competition.