Large-cap rivals of the smart contract platform Ethereum (ETH) surged on Friday as the crypto markets continued to move upward.
Cardano (ADA) had the strongest day in terms of large-cap, layer-1 blockchain projects, jumping by almost 20% over 24 hours.
The ninth-ranked crypto asset by market cap reached its highest price since August 2022 and is trading at $0.546 at time of writing. ADA is also up around 43% in the past seven days.
Avalanche (AVAX) also had a strong showing on Friday, gaining over 11% in 24 hours. The 11th-ranked crypto asset by market cap is still rising and trading at $32.10 at time of writing.
Additionally, Polkadot (DOT) surged by nearly 9% on Friday, and Solana (SOL) jumped by 6.5%. DOT traded at its highest level since April, and SOL hit 19-month highs.
Ethereum, by comparison, traded sideways on Friday. The second-ranked crypto asset by market cap is priced at $2,366 at time of writing.
The crypto analytics firm Santiment encourages traders to proceed with caution in regards to the red-hot Ethereum competitors, noting that ADA’s social discussion rate hit a six-month high, while SOL’s hit its highest level in two months. The firm says the crowd “may be a bit too euphoric” about both assets.
The overall crypto market cap jumped by 2.4% on Friday, according to CoinGecko.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Large-Cap Ethereum Competitors Cardano, Solana and Avalanche Surge As Crypto Market Ticks Upward appeared first on The Daily Hodl.
