Ethereum
Will the 22% monthly inflow of Solana, Ethereum and Toncoin stop?
Solana, Ethereum and Toncoin lead monthly crypto gains as bulls and bears debate the asset’s direction. Generally speaking, the market today saw a slight bullish sentiment as Bitcoin (BTC) and other assets advance. In the long term, these gains add to broader gains for other crypto assets.
Solana, which has become a favorite among institutional investors, is trading at $171.1, up 6% in the past 24 hours while maintaining monthly inflows of 22%. However, the asset is down 5.4% this week due to the slight correction seen by most assets.
Ethereum leads gains
Ethereum Dominated Crypto Spaces Last Week After Spot ETH ETF approvals from the United States Securities and Exchange Commission (SEC). The assets have sparked a frenzy in crypto spaces, leading to renewed interest.
ETH is trading at $3,928, up 2.1% today and 24.98% this week. Monthly movements of the largest altcoin have exceeded 22% leading the pack as its price attempts a bullish breakout. Decentralized finance (DeFi) activities around the network’s protocols have recovered with steady inflows.
The total value of the Ethereum blockchain is $66.9 billion. Lido, EigenLayer and AAVE lead the pack. Toncoin has seen several positive developments this year, leading to increased volumes around the asset. TON has jumped 22% this month and is trading at $6.3. Daily trading volumes increased by 52.8% as its market capitalization stands at $22 billion. TON hit an all-time high of $7.65 in April, 16% below that figure.
The bulls don’t slow down
Although these assets have seen gains in the past, market gains are not slowing down as current sentiments point higher. Ethereum price inches closer to $4,000 after spot ETFs were approved, with daily trading volumes climbing over 30%. As traditional investors are attracted to Ethereum products, overall altcoin sentiment is recovering.
Solana and Toncoin also have a wide range of community support as on-chain activity increases. The total value locked in the Solana ecosystem is $4.83 billion, a growth of 2% today amid an increase in protocol users. A similar momentum is also observed at Toncoin following the announcements of birth on the platform.
Read also: Best Cryptos to Buy Under $2 to Make Millions
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.