Avalanche (AVAX/USD) and Solana (SOL/USD) have recently outperformed Dogecoin (DOGE) and Binance Coin (BNB/USD) in terms of market capitalization, according to data from CoinMarketCap. This development highlights the growing popularity and value of these two cryptocurrencies.
AVAX experienced a surge of over 16% while SOL increased by 8% in the last 24 hours. AVAX had briefly surpassed DOGE last week but DOGE quickly recovered. However, on Thursday, AVAX once again broke out, reaching a market capitalization of $17 billion, surpassing DOGE.
Similarly, Solana overtook XRP (XRP/USD) on Wednesday and BNB on Thursday to become the fourth largest cryptocurrency by market capitalization, with a market cap of $41 billion.
One of the reasons for the increasing interest in AVAX and SOL is their lower transaction fees and faster speeds compared to Ethereum (ETH/USD). Transactions on the Solana network cost less than a cent and are completed within seconds, whereas Ethereum transactions can cost at least $15 and take up to a minute.
The lower transaction fees and faster speeds have led to a significant increase in transactional activity on both AVAX and SOL networks. In the past month, both networks have seen more than a doubling of transactional activity, along with an increase in active wallets and new users, as data shows.
This shift in market capitalization and increased interest in AVAX and SOL highlight the changing landscape of the cryptocurrency market. Investors and traders are recognizing the value and potential of alternative cryptocurrencies that offer lower fees and faster transaction speeds.
At the time of writing, AVAX was trading at $47.42, while DOGE was trading at $0.093. The market dynamics continue to evolve, and it will be interesting to see how the market capitalizations of these cryptocurrencies develop in the future.
In conclusion, Avalanche and Solana have surpassed Dogecoin and Binance Coin in terms of market capitalization, reflecting the growing interest in these cryptocurrencies. The lower transaction fees and faster speeds offered by AVAX and SOL have attracted investors and traders, leading to increased transactional activity. As the cryptocurrency market continues to evolve, it is essential to keep an eye on the changing dynamics and the potential of alternative cryptocurrencies.
