Ethereum loses traction amid Solana and Bitcoin surge

Investing.com -- 's cryptocurrency, , continues to suffer momentum against rival tokens. This diminution comes amid the excitement generated by erstwhile President Donald Trump's task into the speculative conception of the integer assets market.

The Ether-to-Bitcoin terms ratio, a measurement of the second-largest token's show against the largest, dropped to its lowest level since 2021 connected Monday, according to information analyzed by Bloomberg.

During the aforesaid period, reached a grounds precocious of $109,241. Meanwhile, 's autochthonal token, a blockchain that competes with Ethereum, achieved caller highs implicit the weekend.

The surge successful Solana's worth was mostly driven by 2 memecoins introduced connected its blockchain by Trump and his woman Melania starring up to his inauguration. Trump's memecoin saw aggravated trading enactment implicit the weekend, reaching a marketplace capitalization of $15 cardinal earlier experiencing a crisp drop, arsenic per information from CoinMarketCap.

The pro-crypto stance adopted by the Republicans has benefitted astir large integer assets since Trump's triumph implicit Democrat Kamala Harris successful November.

Memecoins, often represented by gag tokens similar , are highly volatile cryptocurrencies with small inherent value. They tin grounds important gains if they garner the attraction of societal media users, but are arsenic susceptible to accelerated crashes.

Solana, self-proclaimed arsenic an "Ethereum killer," has go the preferred web for memecoin launches. The terms ratio of its token against Ether reached a grounds precocious connected Sunday, arsenic speculators invested heavy successful the Trump coins.

While different cryptocurrencies are mounting records, Ether remains astir 30% beneath its 2021 peak. Over the past 12 months, the token has accrued by 39%, compared to gains of 156% and 180% for Bitcoin and Solana, respectively.

The comparatively subdued request for Ether has caused interest among investors. Over the past 3 months, a radical of 12 Bitcoin exchange-traded funds successful the US saw a nett inflow of implicit $17 billion, portion akin Ether-investing products lone attracted $3 billion, according to Bloomberg data.

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