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September has been a difficult month for cryptocurrency investors due to the volatility of the market.
According to Yahoo finance, last year, the value of Ethereum increased by 830%, making it the second market value. However, Ether also faced a monthly drop, even dropping to its second largest level since June with a recent drop of 16%. Bitcoin, which is considered the pioneer of crypto, fell about 7% in September.
In addition to the uncertainty reflected in September, the low speed of Ethereum’s network and high transaction fees remain an issue in crypto ecosystems. Investors are looking for other alternatives, including Cardano and Solana. Solana has grown by almost 4,800% since September 2020 and has cheaper and faster prices and faster uses than ETH. Solana is gaining momentum in the NFT and DeFi world as the platform prides itself on processing 50,000 transactions per second at just $ 0.000025 per transaction. ETH faces major competition as the transaction speed is limited to 13 transactions per second, with fees significantly higher than Solana.
As investors consider diversifying away from using ETH only, this leaves room for alternative blockchains to take market share. Other competitors, including Matic, Cardano, and Polygon, are seen as “Ethereum killers” as investors seek out other crypto platforms.
In other Solana news, SolMonkey becomes the first Solana-NFT to sell for a record US $ 2 million.
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