Avalanche's AVAX tops market cap of Solana’s Sol, Coinbase pops 8%
Quick Take
- Avalanche surpassed Solana in terms of market cap of their native tokens.
- Coinbase shares rose 8% amid slow trading.
The market cap of Avalanche's native AVAX token surpassed Solana's, reaching $3.47 billion compared to Sol's $3.43 billion.
The coins were both down, with Solana showing a sharper decline of 5.7% over the last 24 hours and 22.7% in the past week.
Solana is losing two of its most popular NFT projects, after DeGods and y00ts announced plans days ago to migrate over to Ethereum and Polygon.
Volume was low, but most crypto-related stocks were trading higher with shares of Coinbase up 8% after reaching an all-time low earlier this week. Galaxy Digital popped 10%, and Robinhood rose 5%. MicroStrategy bucked the trend to trade slightly lower at 10:35 a.m. ET.
Bitcoin and Ethereum were both down by a slight 0.5% and 0.1%, respectively, over the past 24 hours. Traditional markets were up, with the S&P 500 jumping 1.6% and the Nasdaq rising by 2.3%.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.