Best 3 Alternatives to Ethereum Set to Excel During Market Rebound
Ethereum’s competitors, namely Solana (SOL), Cardano (ADA), and SUI, are making strides while Ether struggles to regain momentum. In August, ETH plummeted from $3242 to $2642, marking a 20% decline. With economic uncertainties looming, flagship assets like Bitcoin and Ethereum face potential downturns.
Coinglass Analytics data illustrates Ethereum’s historical quarterly performance since 2016. The 3rd quarter has traditionally been tough for Ether, with an average growth of just +1.06%. This sluggish trend suggests that ETH might undergo an extended correction or sideways movement until September’s end. Conversely, Q1 and Q2 have historically seen robust recovery phases, boasting average returns of +92.75% and +66.84%, respectively.
Looking ahead, the fourth quarter presents a potential buying opportunity for investors, with an average growth projection of +23.9%. This cyclic pattern highlights Ether’s periodic nature, signaling that investors may find better prospects among Ethereum’s competitors like Solana, Cardano, and SUI.
Solana, often dubbed Ethereum’s rival, is a high-performance layer 1 blockchain that has maintained steady price action over the past four months. Its stability is attributed to increasing popularity, with major asset management firms favoring SOL for the upcoming Exchange Traded Fund (ETF) in the US market. Additionally, Solana’s Total Volume Locked (TVL) surged from $3.8 billion to $5 billion, indicating a 31.5% growth.
Cardano, a blockchain platform emphasizing sustainability and scalability, is gearing up for the Chang Hardfork update. With over 70% of Cardano nodes upgraded to version 9.31.0, the network is poised for enhanced decentralization and autonomous governance through a new constitution. Recent Onchain data from Santiment reveals a -2.85 Market Value to Realized Value (MVRV) ratio, suggesting that recent ADA investors may be facing losses, potentially paving the way for price recovery.
SUI, a next-gen blockchain platform focusing on scalability and low-latency transactions, has captured investors’ attention with a remarkable surge from $0.46 to $0.87, equating to a 90% increase. This growth aligns with the launch of Grayscale’s SUI Trust fund, driving a significant rise in Open Interest (OI) from $51.74 million to $192 million, marking a 271% uptick.
If the bullish momentum endures, SUI’s price could rally by 65% to reach $1.45. These developments underscore the evolving landscape of Ethereum’s competitors, presenting investors with diverse opportunities in the ever-evolving crypto market.
