Top Ethereum Competitors: Who’s Next in Line for Dominance?

• Ethereum’s market dominance faces competition as Solana, Avalanche, and Cosmos show substantial growth.
• Ethereum’s price shows a decline, while Solana and Avalanche experience mixed trading activity and liquidations.
• Cosmos and Solana’s derivatives markets reflect decreased activity and market vulnerabilities despite long-term optimism.

Ethereum remains the top dog in crypto development activity, according to market analyst Santiment. However, Solana, Avalanche, and Cosmos are gaining significant ground.

Ethereum currently trades at $2,518.77 with a market cap of $303 billion. Its 24-hour trading volume reached $13.97 billion, despite a 1.49% price dip. The circulating supply sits at 120.3 million ETH. The Ethereum derivatives market shows mixed sentiment.

Crypto trader Bluntz believes Ethereum might be nearing a bottom, suggesting a price rebound is likely. A three-day bullish divergence on ETH/BTC is forming, and Finmex whales are now swapping Bitcoin for Ethereum for the first time this cycle, potentially signaling a shift in Ethereum’s market dynamics.

Volume has declined by 33.63%, settling at $19.98 billion, while open interest remains steady at $10.65 billion. Notably, options trading volume has increased by 3.52%, and options open interest has risen by 2.03%. These figures indicate heightened trading activity. However, recent data shows heavy short liquidations amounting to $206.91K.

Source: Coinglass

On the other hand, Solana’s (SOL) price is currently $138.45 , with a market cap of $64.56 billion. The trading volume for Solana over the last 24 hours stands at $2.24 billion, with a 4.52% decrease in price. Altcoin Sherpa warns that Solana’s 200-day EMA is under pressure, potentially leading to a drop to $125. However, he remains bullish on its long-term prospects.

The derivatives market for Solana has seen a decline in activity, with volume dropping 18.17% and open interest falling slightly. Despite the bullish sentiment reflected in the long/short ratios, significant long liquidations totaling $6.02 million point to market vulnerabilities.

Source: Coinglass

Moreover, Avalanche (AVAX) is priced at $23.16 , with a market capitalization of $9.38 billion. Its trading volume over the last 24 hours is $272 million, reflecting a decrease of 3.02%. The circulating supply of Avalanche stands at 404.90 million AVAX coins. 

The derivatives market for Avalanche shows a decline in activity, with trading volume down 13.84% to $432.63 million and open interest falling by 4.05% to $214.12 million. Long positions have faced substantial losses, with total liquidations reaching $661.95K, including $604.77K in long liquidations.

Source: Coinglass

Cosmos (ATOM), priced at $4.61 , has a market cap of $1.80 billion. Its 24-hour trading volume is $72.13 million, down by 1.31%. The circulating supply of Cosmos is 390.93 million ATOM coins. The derivatives market for Cosmos has experienced a significant drop, with trading volume falling by 49% to $79.68 million and open interest decreasing by 1.32% to $80.44 million. 

The sentiment in the market is mixed, with ATOM showing a more bullish outlook. Short positions have incurred larger losses compared to long positions, especially in the 12-hour period where shorts lost $18.57K against longs’ $4.38K.

Source: Coinglass

Ethereum retains its development lead, but Solana, Avalanche, and Cosmos are rapidly catching up. Their growing market presence indicates a potential challenge to Ethereum’s dominance.