There are a lot of cryptocurrencies like Cardano (ADA), Solana (SOL), etc. boast themselves to be potential Ethereum killers, but what are their possibilities?
Amidst the series of incidents like the Russia-Ukraine war, the Federal Reserve’s Interest hike, etc., the stock market and cryptocurrency have witnessed capitulations. Especially, the crypto assets have experienced the worst hit over the past several months. It’s evident that the global crypto market has lost a staggering value of more than $1 trillion within the last six months, and almost every other individual cryptocurrency has seen its prices touching their recent bottoms.
It’s a common saying in the market to buy them in a dip, so considering the lows that the crypto market has been attaining consistently for a while now, it’s apparent that crypto investors get impatient and might want to buy this dip. However, this doesn’t have to be the time to invest in cryptocurrencies. For a long time, crypto was considered a volatile and risky investment that nobody could certainly judge its path.
So it’s quite clear that it’s tough to choose the right investment because all other cryptocurrencies are easy to speculate on at the moment. Still, some cryptocurrencies are assumed to have bright futures and are expected to attain new heights. Solana (SOL) is among such crypto assets, and it has its reasons for this.
For a couple of years now, Ethereum (ETH) has been one of the most popular digital assets with numerous advantages. The smart contract enabled Ethereum network has huge use cases and wide use for decentralized applications or DApps introduced after the ethereum network, including decentralized finance (DeFi) projects and nonfungible token (NFT) marketplaces.
However, Ethereum has started to face huge problems regarding speed and scalability and huge transaction fees. These gave the passage for new contenders to join the space and fill the gap where the Ethereum network was lacking; Solana (SOL) is an example. Solana network has revealed its latest project recently, dubbed Solana Pay, a decentralized payment system of the network.
This is the recent update that attracted investors to Solana (SOL) along with its numerous advantages over the Ethereum network in terms of speed, scalability, and transaction fees. Currently, this could be the right time to purchase Solana (SOL) if anyone has long wished to have it. Since November last year, its prices have been at a low of almost 80%, and the rebound of the cryptocurrency from here could result in substantial results for its investors.
Source: https://www.thecoinrepublic.com/2022/05/24/which-is-this-crypto-that-is-being-said-to-be-ethereum-of-2022/