Major L1 chains experienced a price surge yesterday, with Solana briefly approaching the $100 mark. However, these chains saw a reversal in price trends during the afternoon, with Ethereum and its Layer2 showing a strong rebound.
(Recap:
Ethereum announces Dencun upgrade schedule! Goerli testnet to launch on January 17, mainnet by the end of February)
(Context:
The Ethereum killer group: An overview of 8 L1 tokens, TVL, user volume, and trading volume)
Yesterday, mainstream L1 chains including Solana (SOL), Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) all experienced a surge. SOL briefly approached the $100 mark and surpassed BNB in market capitalization. However, according to current CoinGecko data, the prices of these L1 chains appear to be stagnating, and fund transfers have started to occur.
The price trends of Ethereum killers have reversed downwards today. Source: CoinGecko
Ethereum Layer2 surges
At the same time, Ethereum, which has recently shown weak performance, seems to be gaining momentum due to the progress of the KanKun upgrade. In the past 24 hours, it has risen by over 3% and once again crossed the $2,300 mark.
Ethereum Dencun upgrade schedule
It has been officially announced today that the testing of the upgrade will begin on the Goerli testnet on January 17 next year, and it is expected to go live on the mainnet by the end of February.
The performance of Ethereum Layer2 is particularly impressive, with ARB, OP, and Metis rising by 16.1%, 30.4%, and 32.4% respectively in the past 24 hours.
In addition, Ethereum’s liquidity staking protocols, such as LDO and RPL, have also achieved growth of 11% and 5.37% respectively in the past 24 hours. Source: CoinGecko
ETH, OP, and ARB short positions suffer heavy losses
The flow of funds back into the Ethereum ecosystem caught investors off guard, resulting in significant liquidations across the network in the past 24 hours, totaling $175 million, with short positions accounting for $90.76 million. The largest single liquidation event occurred on the ETH trading pair, amounting to $1.98 million.
In the past four hours, ETH, OP, and ARB short positions ranked highly, with liquidations reaching $11.75 million, $1.39 million, and $1.27 million respectively. Source: Coinglass
Related Reports
Solana rises to “the fifth largest cryptocurrency”: Reasons for the surge and ecosystem projects you need to know
SOL approaches the $100 mark! Solana’s market capitalization surpasses BNB, rising to the fourth largest cryptocurrency
Solana’s surge prompts a reevaluation of the staking market: Four-carriage driving liquidity
Tags:
ARB
layer2
LDO
Metis
OP
RPL
Ethereum