Ethereum

Axelar

Immutable

Ethereum has seen slow growth amid the recent market crash, and partly fueled by the fading expectation of SEC approving <a href="https://coingape.com/hong-kong-bitcoin-ethereum-etf-to-attract-only-1-aum-bloomberg-analyst/" rel="noopener noreferrer nofollow">Ethereum ETFs</a> in may. <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a> has experienced losses by 15% in the past week, facing resistance at $3,550, with Bitcoin also making a substantial <a href="https://coingape.com/blog/6-bitcoin-price-pullbacks-from-the-bear-market-analysed/" rel="noopener noreferrer nofollow">pullback</a>. Despite this downtrend, some Ethereum-based cryptocurrencies have shown significant growth in the past day, outshining <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana</a>. SOL has also struggled in the past week, declining in value by 22%. Having recovered slightly by 0.96% over the past day, let’s delve into Ethereum aoutperforming Solana today.
<h2 id="strong-ethereum-altcoins-outperforming-solana-strong">Ethereum Altcoins Outperforming Solana</h2>
Immutable X (IMX), ApeCoin (APE), and Axelar (AXL) are Ethereum-based cryptocurrencies, outshining Solana (SOL) today.
<h3 id="strong-1-immutable-x-imx-strong">1. Immutable X (IMX)</h3>
Founded in 2021, Immutable is the first layer-two scaling solution for <a href="https://coingape.com/glossary/nft-non-fungible-token/" rel="noopener noreferrer nofollow">NFTs</a> on Ethereum, eliminating limitations like low scalability, poor user experience, illiquidity, and slow developer experience. Users can enjoy instant trading, massive scalability, and zero gas fees for minting and trading NFTs without compromising security.
With this technology, users can create and distribute assets like <a href="https://coingape.com/glossary/erc-20/" rel="noopener noreferrer nofollow">ERC-20</a> and ERC-721 tokens on a large scale. Gods Unchained’s game Director praised Immutable for enabling a new meta-system, aiming to provide a top-notch experience for users and developers.
<img decoding="async" class="aligncenter size-full wp-image-192289" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434.png" alt=" Immutable X (IMX) Against Solana (SOL) price market performance" width="2544" height="1225" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434.png 2544w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434-300x144.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434-1224x589.png 1224w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434-768x370.png 768w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434-1536x740.png 1536w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434-2048x986.png 2048w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-161434-150x72.png 150w" sizes="(max-width: 2544px) 100vw, 2544px">
Immutable X (IMX) is currently priced at $1.95, showing a 5.59% increase in the last day. The market cap is approximately $2.79 billion, ranking it 40th, according to <a href="https://coinmarketcap.com/currencies/immutable-x" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap.</a> The 24-hour trading volume is $69.9 million, indicating a decrease of 9.73%. Although the 1-day performance is positive, the token has seen declines over 7 and 30 days. With 71.56% of the total supply in circulation, IMX’s price has dropped 79.44% from its all-time high of $9.50.
Recently, Immutable X announced having received 100,000 new <a href="https://twitter.com/0xferg/status/1780868241692254331" target="_blank" rel="noopener noreferrer nofollow">signups</a> for immutable passport wallet. 80% came from partnerships with Kokodi Game and Illuvium, both launching soon. Immutable has signed over 300 games and expects gaming adoption to grow on Ethereum.
This could lead to increased demand for the IMX token as more users engage with the platform and its ecosystem.
<h3 id="strong-2-apecoin-ape-strong">2. ApeCoin (APE)</h3>
ApeCoin is an ERC-20 token in the APE Ecosystem, allowing decentralized community building through governance and voting via the ApeCoin DAO framework. The APE Foundation oversees approved proposals and fund usage.
<a href="https://coingape.com/price/apecoin/" rel="noopener noreferrer nofollow">ApeCoin</a> (APE) currently has a price of $1.21, showing a 4.84% increase in the last day with a market cap of around $734 million. The 24-hour trading volume is approximately $61 million, indicating a 21.28% increase from the previous period, with a volume/market cap ratio of 8.30%.
Despite a positive 1-day performance, APE has seen declines of -25.93% in the past 7 days and -34.58% in the last month. The circulating supply is 604.9 million out of a total supply of 1 billion APE. The token’s all-time high was $39.40 on March 17, 2022, now down by 96.92%.
ApeCoin’s market performance shows recent positivity but also long-term volatility and a decline from its peak.
<img decoding="async" class="aligncenter size-full wp-image-192288" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601.png" alt="ApeCoin (APE) Against Solana (SOL) Price Market Performance" width="2542" height="1254" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601.png 2542w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601-300x148.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601-1224x604.png 1224w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601-768x379.png 768w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601-1536x758.png 1536w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601-2048x1010.png 2048w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-160601-150x74.png 150w" sizes="(max-width: 2542px) 100vw, 2542px">
APE’s utility is set to expand through new governance proposals, including creating game-focused DAOs and exclusive vaults for APE holders. ApeChain proposes using APE as a gas token and supporting asset-related applications. Despite new holders, growth did not meet expectations. ApeCoin DAO partnered with a Formula One team to attract more holders. The <a href="https://coingape.com/blog/what-is-a-decentralized-autonomous-organization/" rel="noopener noreferrer nofollow">DAO</a> approved building ApeChain on Arbitrum, expanding utility in <a href="https://coingape.com/blog/gamefi-tokens-are-on-the-rise/" rel="noopener noreferrer nofollow">GameFi</a> DAOs. Community engagement is increasing with more votes per proposal, aiming for greater decentralization and governance participation.
<h3 id="strong-3-axelar-axl-strong">3. Axelar (AXL) </h3>
Axelar offers secure cross-chain communication for Web3 through a decentralized network and tools. Builders of decentralized applications can benefit from seamless cross-chain communication with Axelar’s protocol suite, tools, and APIs. The project includes a decentralized network, a software development kit, and gateway smart contracts for cross-chain connectivity.
Powered by a network of validators, Axelar allows anyone to join, build, or use it with a proof-of-stake consensus mechanism for network security. AXL is the native token, and the protocol supports the cross-chain transfer of various native tokens like AVAX, ETH, FTM, GLMR, and MATIC. Axelar has received investments from top investors like Binance, Coinbase Ventures, and others.
<img decoding="async" class="aligncenter size-full wp-image-192291" src="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703.png" alt="Axelar (AXL) Against Solana (SOL) Price Market Performance" width="2567" height="1246" srcset="https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703.png 2567w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703-300x146.png 300w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703-1224x594.png 1224w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703-768x373.png 768w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703-1536x746.png 1536w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703-2048x994.png 2048w, https://coingape.com/wp-content/uploads/2024/04/Screenshot-2024-04-18-162703-150x73.png 150w" sizes="(max-width: 2567px) 100vw, 2567px">
Axelar (AXL) is currently being traded at $1.17, experiencing a 5.78% increase in the past day, indicating a short-term optimistic outlook. Its market cap is $741 million, positioning it at 99th in the market. The trading volume within 24 hours is currently at $38.8 million, showing an increase of 10.47%.
Axelar experienced a decrease of 14.11% in the last week and 31.35% in the last month, showing a continuing negative trend. The circulating supply of AXL is 632.6 million out of a total of 1.145 billion AXL, and the maximum supply is not specified. On March 1, 2024, it reached its highest point ever at $2.66, followed by a 56.2% drop.
<h2 id="strong-conclusion-strong">Conclusion</h2>
Despite Ethereum’s slow growth amid the market crash and fading expectations of SEC-approved Ethereum ETFs, certain Ethereum-based altcoins have shown significant potential. Immutable X (IMX) demonstrates promise with its partnerships and growing gaming adoption, which may lead to increased demand for its token. ApeCoin (APE) has shown recent positivity despite long-term volatility, with expanding utility through new governance proposals. Axelar (AXL) offers secure cross-chain communication for Web3, experiencing a short-term optimistic outlook but facing a negative trend over the last month. Overall, these Ethereum altcoins present opportunities for growth and innovation in the crypto space, particularly in gaming and Web3 applications.
&nbsp;
The post <a href="https://coingape.com/blog/ethereum-altcoins-outperforming-solana-today/" rel="noopener noreferrer nofollow">3 Ethereum Altcoins Outperforming Solana Today</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

3 Ethereum Altcoins Outperforming Solana Today

Table of Contents

Coingape News Media

Other articles published on Apr 18, 2024

Ethereum Developer Company Responds to ETH’s Alleged Threat of a Lawsuit from the SEC

JPMorgan Predicts Bitcoin Price Decline Post-Halving

Kraken Unveils New Multi-Blockchain Self-Custodial Mobile Wallet

Cryptocurrency Market Trends and Predictions

Bitcoin ETFs cooling off? Bloomberg analyst debunks ‘Overhyped’ claims

Binance Converts SAFU Funds to USDC

Join our free newsletter for daily crypto updates!