Crypto Weekly: In the footsteps of Ethereum Crypto Weekly: In the footsteps of Ethereum Crypto Weekly: In the footsteps of Ethereum

Crypto Weekly: In the footsteps of Ethereum

Mads Eberhardt

Cryptocurrency Analyst

Summary:  The competition for making a new and more scalable version of Ethereum is heating up, and both Cardano and Solana have surged this month. Ethereum is still by far the biggest within the NFT space, and both Visa, Budweiser, and NBA star Stephen Curry bought NFTs this week. Lastly, Bitcoin miners seem to have a more positive market sentiment now than three weeks ago.

Cardano and Solana follow in the footsteps of Ethereum

Considering the major cryptocurrencies, particularly Cardano and Solana have gained traction in August. From starting the month at $1.34, Cardano has experienced a positive market sentiment sending the cryptocurrency to $2.77. Solana was trading at $36.6 in the beginning of August and is now trading at $99.2. The two cryptocurrencies share the same key property, namely being made to handle decentralized applications with a substantial transaction output. The increasing prices are driven by investors looking at alternatives to Ethereum due to its scalability issues and steep transaction fees. As the Ethereum 2.0 upgrade will first happen somewhat next year, investors are afraid of Ethereum losing its significant first-mover advantages before the update has been launched. With fees averaging between $3 - $8, both developers and users on the network are not pleased, thus imaginably watching other cryptocurrencies to possibly let another network handle their decentralized activities.

Though, the question remaining unanswered is whether other cryptocurrencies over time can match Ethereum’s brand awareness, ecosystem, and more importantly, network effect. Cryptocurrencies wanting to create something similar to Ethereum will encounter the chicken or the egg paradox, as the users are not embracing the network until exchanges and developers have embraced it with e.g., decentralized finance protocols and NFT-marketplaces. However, these network shareholders will not use resources on the network until a substantial number of users are using it.

In terms of Cardano and Solana, Cardano has surged the past month on the news that the cryptocurrency will likely enable smart contracts this coming September, and Solana has surged on a growing institutional interest in the network. As of the time of writing, Cardano is the third - and Solana the eighth-largest cryptocurrency.

Visa, Budweiser, and Stephen Curry buy NFT’s

The market for non-fungible tokens (NFT) has experienced significant growth in the past months with the largest NFT marketplace OpenSea presently generating most transaction fees on Ethereum. On OpenSea, users have traded NFT’s worth $2.84bn the past 30 days. It seems like NFT’s have been the retail crypto-trend of the year comparable to when ICO’s were trending in the latest significant bull run in 2017. Last week two rather well-known companies and one individual joined the NFT-trend by buying their first NFT’s. At the beginning of last week, Visa bought a CryptoPunk, an NFT-based avatar, for $150,000 before sending out a press release stating: “We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce”. Some days after, Budweiser joined Visa by buying a Budweiser NFT made by a fan for around $25,000. This comes after Budweiser bought the Ethereum domain beer.eth for roughly $95,000 earlier this month. Lastly, this weekend NBA star Stephen Curry spend $180,000 for a Bored Ape NFT before sending a selfie into the official Bored Ape Yacht Club community chat.

Bitcoin mining equipment sees its futures rise in price

Multiple Bitcoin mining equipment manufacturers have tradable futures with physical delivery of mining equipment on a specific date. The profitability of mining Bitcoins is highly influenced by the electricity cost, the Bitcoin price, and the cost of equipment. The last one is the futures price, and the electricity cost is rather stable. Thus, the most influential, but most volatile factor for the profitability of mining the cryptocurrency is the Bitcoin price. The Bitcoin price directly affects the profitability, and therefore, the willingness of miners to buy additional equipment, meaning these futures serve as an indicator of how the market sentiment for miners is. The futures have surged more than the Bitcoin price for the past three weeks, effectively signaling miners have a more positive sentiment on the future price now than three weeks ago due to their increased willingness to buy equipment. However, the futures are still not priced as high as at the beginning of May before the Chinese crackdown on mining.
Source: Saxo Group
Source: Saxo Group
ADA vs. USD. Source: CoinMarketCap
SOL vs. USD. Source: CoinMarketCap

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.