Avalanche’s AVAX overtakes solana’s SOL in market cap

AVAX, the native coin of the avalanche ecosystem, has joined the list of tokens toping solana’s SOL in market cap.

Market data shows that avalanche’s AVAX token has a market cap of $3.47 billion, while solana’s current market cap stands at $3.43 billion. The bear market is shaking things up, and tokens are rising in value on a relative basis.

AVAX rising over SOL in bear market

Both AVAX and SOL saw a decline in value on an absolute basis based on US dollar price, but solana saw a more notable decline of 5.7% over the previous day and 22.7% over the prior week.

Possible reasons for the continuous fall of solana’s SOL can be attributed first to the FTX collapse and then to the migration of its two most popular NFT projects (DeGods and y00ts) to the ethereum and polygon blockchains. 

A cursory gaze of the solana decentralized finance (DEFI) ecosystem in the last four weeks shows a 98% drop from its all-time high of $10.17B to a meagre $230.79 million. 

Earlier in the week, uniswap’s UNI token also surpassed solana SOL market cap by 5.36%. 

A more generalistic outlook of the market today shows that despite the limited trading volume, shares of Coinbase were up 8% this week after hitting an all-time low earlier in the week. Robinhood increased by 5%, and Galaxy Digital soared by 10%. At 10:35 a.m. ET, MicroStrategy defied the trend and traded slightly lower.

Over the past day hours, both bitcoin and ethereum declined by 0.5% and 0.1%, respectively. The S&P 500 increased by 1.6%, while the Nasdaq rose by 2.3% in the traditional markets.