Ethereum [ETH] fared better than SOL, NEAR, AVAX on YTD basis, thanks to…

December 29, 2022

By Abiodun Oladokun

• ETH’s price fared considerably better than other layer-1 altcoins this year.

• SOL suffered the most decline in value. 

On a year-to-date basis, the price of leading altcoin Ethereum [ETH] fared better than other layer-1 altcoins (Alt L1s), including Solana [SOL], Near [NEAR], and Avalanche [AVAX], a new report revealed. 

The cryptocurrency market has experienced a significant downturn in recent months, with a total loss of over $1.4 trillion in value. This decline has been attributed to a range of issues within the industry, including failed projects and a lack of liquidity.

In addition, the fall of FTX, a major player in the market, has also contributed to the overall decline.

According to the report, prior to the transition of Ethereum to a proof-of-stake (POS) consensus mechanism, the spread between ETH and Alt L1s had already begun to widen. This divergence became more significant following the Merge.

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