Arcane Research recently published a crypto market update and explored the rise of layer 1 tokens over the past 30 days. The season of “ETH Killers” as the research firm and many others have called them.
Although the second cryptocurrency by market cap was leading the crypto market up until a few weeks ago, its competitors have been gaining traction, smashing all resistance towards new all-time highs.
As seen in the chart below, some layer 1 tokens in the crypto market have experienced massive rallies in August.
Solana (SOL) leads the chart with a 221% rally, followed by Terra (LUNA) with a 217% rally, Fantom (FTM), and Avalanche (AVAX), sit at the last spots of the biggest layer 1 tokens with a 215% and 210% rally, respectively.
Source: Arcane Research
Binance Coin (BNB, 38%), Ethereum (ETH, 28%), and Polygon (MATIC, 22%), also made the cut with important profits in the same period.
Crypto exchange Binance’s token slowed down on