Brazilian markets see growth in Ether and Solana

Recent data from Brazil's national tax authority indicates a significant rise in the adoption of Ether (CRYPTO:ETH) and Solana (CRYPTO:SOL) within the country's cryptocurrency markets. 

Ether's usage has seen notable growth, with 950,000 transactions recorded in October 2024, amounting to over $165 million. 

This marks a substantial increase from the previous year's figures, which showed 600,000 transactions totaling nearly $40 million.

Similarly, Solana's activity has surged, with transactions increasing from 223,000 and a turnover of $9.43 million last October to 443,000 transactions generating close to $84 million this year.

Despite this growth in Ether and Solana, the Brazilian crypto market remains largely dominated by dollar-pegged stablecoins such as Tether’s USDT (CRYPTO:USDT) and USDC (CRYPTO:USDC).

These stablecoins accounted for an impressive $2.64 billion in transactions during October, representing 70% of all trading volume in Brazil for that month.

The rise in Ether and Solana transactions reflects a growing interest in alternative cryptocurrencies among Brazilian investors. 

As more users engage with these digital assets, it could signal a shift in the market dynamics that have traditionally favored stablecoins.

The increasing transaction volumes for Ether and Solana may also indicate a broader trend of diversification within the Brazilian crypto landscape.

Investors are likely seeking opportunities beyond stablecoins as they explore the potential benefits of other cryptocurrencies.

Overall, while stablecoins continue to dominate the market, the rising activity of Ether and Solana suggests that Brazilian investors are becoming more open to exploring a wider range of digital assets.

At the time of reporting, the Ethereum price was $3,999.46, and the Solana price was $226.30.