Bitcoin (BTC) ongoing rally triggered fresh enthusiasm in the digital assets industry. BTC price is up by 162% on the year to date (YTD) basis. However, Solana (SOL) turned out to be one of the biggest gainers this year by surging 614%. VanEck, an asset management firm predicted that SOL would outperform Ethereum (ETH) in 2024.
Solana to enter top 3 blockchain
As per VanEck’s prediction, Solana will secure a spot among the top three blockchains by market cap, Total Value Locked (TVL), and active users. It mentioned that Solana is anticipated to enter the ETF arena as a slew of asset managers submit filings. However, SOL’s gains of 212% in the last 60 days have led to an increase in its market share.
It added that Solana price oracle platform, Pyth, will surpass Chainlink in Total Value Secured (TVS). Despite Chainlink’s current dominance with $15 billion TVS compared to Pyth’s $2 billion, analysts believe that Pyth will gain major market share. The surge will be backed by its innovative push in architecture and confidence interval system.
Solana is trading at an average price of $71.68, at the press time. Solana price is up by 13% in the last 24 hours. Its 24 hour trading volume jumped by 81% to stand at $4.1 billion.
Ether to flip Bitcoin
VanEck also predicted that Ethereum (ETH) is not expected to surpass Bitcoin in market cap in 2024. While Ethereum may outperform every major tech stock, Bitcoin’s gaining regulatory clarity and energy efficiency are predicted to attract interest from quasi-state entities. This includes Latin America, the Middle East, and Asia.
It added that Argentina will be joining the ranks of countries sponsoring Bitcoin mining at the state level. This will be a move following the footsteps of El Salvador, the UAE, Oman, and Bhutan. Despite Ethereum’s strong performance, there is no expected flipping. Meanwhile, ETH is anticipated to lose market share to other smart contract platforms, like Solana, which boasts a more certain scalability roadmap.
