#今日市场观点

BTC value doubles to trigger bull market, ETH, XRP, Solana, AVAX go hand in hand, who will dominate?

Bitcoin is not only the world's oldest cryptocurrency, but also the largest cryptocurrency by market capitalization. It has been officially recognized by many major governments, including the United States, and is used as legal tender in countries such as El Salvador. Recently, the U.S. Securities and Exchange Commission approved the first spot Bitcoin ETF, allowing Bitcoin to be traded on stock exchanges.

Bitcoin has been driving the bull market in the cryptocurrency market over the past year, with its value more than doubling in 12 months, far exceeding major altcoins such as Ethereum.

Ethereum ranks second: King of smart contracts, ecosystem continues to expand

Ethereum is the world's second largest cryptocurrency and has the most widely used blockchain network designed for decentralized application (dApp) development. It was the first project to introduce smart contracts since its launch in 2015. Ethereum successfully transitioned from proof-of-work to proof-of-stake in 2022.

Thanks to the SEC lawsuit victory, uncertainty has disappeared, clearing the way for major banks to try Ripple's payment network using XRP. Major partners of XRP include Bank of America, PNC Bank, and Santander, among others. Since the court victory last summer, XRP prices have risen only slightly, and many analysts believe it is undervalued. Future interest in XRP could cause its price to rise significantly.

Solana's rapid rise: Ethereum's rival, on-chain development boom

Solana is a fast and cheap blockchain that is considered a challenger to Ethereum. In the past 12 months, Solana's value has risen by more than 620%, becoming one of the most successful crypto tokens in the resurgent cryptocurrency bull market. Solana is now the fifth largest cryptocurrency in the world by market capitalization.

Although Solana was once questioned due to its connection with FTX founder Sam Bankman-Fried, it has proved its resilience. Currently, Solana's performance is impressive and developer interest is surging. Although Solana may not be able to challenge Ethereum's dominance in the dApp field, it is still one of the most worth-watching cryptocurrencies.

Avalanche re-emerges: Superfast blockchain, AVAX is ready to go

Avalanche is a superfast blockchain launched in 2020 as a competitor to Ethereum. It uses smart contracts and proof-of-stake validation mechanisms to provide greater scalability for dApp developers. Avalanche's native token, AVAX, is currently the 11th largest cryptocurrency by market cap.

Avalanche has seen strong momentum, with its value nearly doubling in the past five months. Strong fundamentals and an influx of more developers make Avalanche one of Ethereum's strongest competitors and is expected to be a standout token in the next 12 months.