There are a lot of major things going on with the Pancake swap and the Cake token. Both the Cake token and the BNB token are breaking all-time highs. It was very recently that BNB skyrocketed from $50 to $350, then corrected to $200 to $250 for a while. BNB has broken all-time highs again by hitting $450. It is amazing how the token is quickly moving up.
We cannot say that the Cake token and BNB token hitting new all-time highs were unexpected because most of us saw it coming when the Ethereum network announced the delay of the Layer 2 solutions update until July.
Cake token broke $24 on Saturday and was getting close to a four billion dollar market capitalization.
Looking at the charts, you will notice that the Cake token has had steady growth. The dip on the chart was when Ethereum Layer 2 solutions were supposed to launch and Uniswap Version 3. The moment the updates were announced to be delayed, it started moving back up from $10 to $13, and it has moved up to $24.
When BNB and Cake token achieved a new all-time high, Filecoin went up by 13%; Vee chain was up as much as BNB by 34% on the seven-day column. Solana is another Ethereum competitor and was up by 42% on the seven-day column.
Many Ethereum competitors have been climbing ever since the Layer 2 Solutions delay, and Ethereum is also trying to reduce the gas fees.
There is a high chance that a percentage of the market share will go to Binance and Cardano, especially as Cardano begins to roll out its final phases of the Goguen Mainnet. We can get smart contracts, and projects will start bridging over to the Cardano blockchain. With that, more volume and support will leave Ethereum for these other competitive blockchains.
By the end of summer 2021, with the way things are going, it looks like things will get very competitive. It will be quite exciting to see how things will play out by the end of summer.
Suppose the Cardano Goguen mainnet launches, and things go well. In that case, there is a high chance that Cardano will take the market share, but this depends on how better the benefits are on Cardano versus Ethereum.
If you look at Ethereum's performance when compared to altcoins, most especially its competitors, it looks like the network is struggling, but Ethereum is growing in general alongside Bitcoin. As more retail investors come into the crypto space, the safest bets for them are still Bitcoin and Ethereum, especially for most new investors in the crypto space.
Let's take a look at the top 100 cryptocurrencies on the chart. You will notice that most of them have a market capitalization of one billion dollars or more, except the last few close to one billion. As the crypto space grows in general, smaller projects will begin to grow, especially as profits spill over from the top ten cryptocurrencies.
