SOL saw an 9% rise, and AVAX climbed nearly 11%, although it later retraced some of its gains. On the Solana network, dog-themed tokens like dogwifhat (WIF) and bonk (BONK) have been trending. Meanwhile, Avalanche’s momentum has been driven by the chicken-themed Coq Inu (COQ) , which soared more than 60% at the same time.
Traders are increasingly favoring networks like Solana and Avalanche over Ethereum, primarily due to their significantly lower transaction fees and faster processing speeds.
Transactions on Solana cost less than a cent and are completed within seconds, offering a stark contrast to Ethereum, where transaction costs can be at least $15 and might take up to a minute to process. This shift highlights the growing importance of efficiency and cost-effectiveness in the blockchain and cryptocurrency space.
The low transaction fees and faster speeds of networks like Solana and Avalanche have led to a significant uptick in their transactional activities. Over the past month, both networks have seen their transaction volumes more than double, accompanied by an increase in active wallets and new users, according to recent data.
Meanwhile, Bitcoin (BTC) approached the $43,000 mark in Asian afternoon trading hours, buoyed by renewed optimism surrounding a potential spot exchange-traded fund (ETF) listing in the US. This optimism was further fueled by BlackRock’s revised ETF proposal, likely influenced by regulatory feedback.
In the current market environment, some trading firms have observed no signs of an imminent market correction, typically defined as a 10% to 20% drop. Bitcoin’s intraday charts show a double bottom formation, suggesting the market is not gearing towards a significant correction.
However, as Tuesday’s peak mirrored last Thursday’s, Bitcoin remains within a specific range. At the same time, the average fees on the Bitcoin network have reached a yearly high of $37, driven by increased demand in Ordinals (ORDI). This, in turn, has led to higher demand for space on the blockchain and, consequently, increased demand for BTC.