Solana (SOL) Dominates Ethereum (ETH):
Glassnode Cofounder .
According to Glassnode cofounder Yann Allemann, capital rotation within the cryptocurrency market has begun.
Allemann has noted that Solana (SOL) is currently dominating Ethereum (ETH). His assessment comes after the former gained roughly 10% against the latter since May 27.
The SOL/ETH pair experienced a significant decline following the approval of several spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) earlier this month. On May 27, the price of Ethereum peaked at $3,973 on the Bitstamp exchange. However, the excitement surrounding the SEC's much-coveted nod quickly dissipated, with ETH shedding 7% in several days. The SEC is yet to approve S-1 registration statements for these ETFs to go live.