Investors Begin To Face Away From Ethereum And Look Toward Solana And Cardano.
By Ollie B - Crypto Consultant
The Ethereum (ETH) network is known for being one of the largest decentralised blockchain platforms globally. The Ethereum ecosystem utilises its native cryptocurrency ETH, where investors can buy Ether in order to trade it across the network. As an example, users can mint and create new non-fungible tokens on the platform using ETH, as well as being able to trade ETH to purchase NFTs.
However, the platform has been losing steam despite Ethereum's value and accessibility for developers, investors, and other types of users within the cryptocurrency trading industry. The news of Ethereum's gradual slowing progression comes as a surprise as more and more users turn their heads away from the second largest cryptocurrency by market size. But where are the users heading?
Reportedly, more and more investors are heading to other major and more exciting blockchain networks such and Solana (SOL) and Cardano (ADA). There are a few reasons as to why investors have packed up their stuff on Ether and moved into the other two blockchain platforms, but one significant fact is certain; the majority of users who gambled on Ether had little to no luck throughout the entirety of September.
The Ether network has inevitably driven users away and toward platforms like Cardano; one reason is so they can discover Cardano's DApp features. On the other blockchain, Solana has seen significant traffic in recent months, included in major spikes in the price to buy SOL. Reportedly, Solana has achieved a year-on-year increase of around 4800%. In comparison, Ether has witnessed a 16% loss within the last month, its second-largest fall since June. Despite the overall 830% increase in 2020, Ether continues to slow in traffic and momentum.
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