Solana Fierce Rally in 2023: Is Ethereum’s Dominance Under Threat?

• Solana’s rise in 2023 raises questions on whether the token could surpass Ethereum. 
• The digital asset’s 945% increase this year far outpaces Ethereum’s 98%.
• Ethereum continues to maintain its unchallenged dominance in market cap and TVL.

Layer-1 blockchain Solana’s sporadic and unexpected rise this year has been marked with excitement from holders and speculations for a wider market takeover. 

The token now sits comfortably above the $100 threshold after rising all through the year. Dubbed the Ethereum-killer, Solana first gained prominence in 2021 when its enthusiasts asserted the blockchain’s speed and low fees would push it to flip Ethereum. 

Given its rise this year, a feat that far outpaces that of Ethereum, the conversations are back in the fore. Compared to Solana’s 945% rise, Ethereum grew around 98% this year, which, although significant, is a more muted price movement. 

However, the brewing competition from Solana extends beyond the price movements. Recent reports note that the layer-1 blockchain has flipped to Ethereum as the alternative cryptocurrency of choice in other trading aspects. 

This month, Solana temporarily surpassed…

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