Right now, the crypto market is sending a clear signal that Ethereum (CRYPTO: ETH) has won the battle of the Layer 1 blockchains. While it might be down 65% for the year, every one of its primary Layer 1 blockchain challengers has seen even bigger losses. For example, Cardano (CRYPTO: ADA) is down 73%, Algorand (CRYPTO: ALGO) is down 81%, Solana (CRYPTO: SOL) is down 82%, Avalanche (CRYPTO: AVAX) is down 86%, and Fantom (CRYPTO: FTM) is down 92%. 

Of these, the two that have the most potential to pop are Solana and Avalanche. Both are former "Ethereum killers" that generated a tremendous amount of buzz heading into this year. Given recent market performance, both appear to be oversold compared to Ethereum, and both could be ready to jump in 2023.

It's almost staggering just how far Avalanche has fallen in the past 12 months. In fact, it has been one of the worst-performing altcoins of the year. Although it still has some of the lowest transaction costs and fastest transaction processing speeds of any blockchain, it has had a hard time gaining traction in 2022.

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Source Fool.com