The cryptocurrency Solana, which is ranked the 10th largest in the world by market capitalization, has seen a sharp increase in price during this last week. It reached an all-time high of approximately $80 on 18 August with its current value up in the sky.
The value of Solana (SOL) jumped significantly this week after ranking as one of the top-10 cryptocurrencies for coins with high liquidity according to data from CoinMarketCap. Over 7 days, SOL increased more than 75%. Now ranked among the top 10 on Coincap’s listing charts, there was an increase in demand among investors that pushed its price even higher.
The crypto market has been volatile recently, but some coins seem to buck the trend. The digital currency Solana, for instance, has proven to be the top-performing digital coin of late, followed closely by Cardano and Polkadot. XRP is also doing well in recent weeks with a notable following.
With a current total market cap of $21 billion, SOL is one of the most valuable cryptocurrencies around. In fact, it now accounts for more than 1% of the entire cryptocurrency sector’s value! and, as if that’s not enough, investors are jumping onboard everyday.
Crypto’s favorite “popularity contest” broke out of the crypto crowd and into the mainstream. Popularity is an arbitrary measure, but it tells us something about how people are feeling or what they want to be a part of.
Cryptocurrency SOLANA surged above $80 for the first time ever amid growing interest from investors around the world in cryptocurrencies other than Bitcoin Core (BTC), Monero (XMR), and Ethereum Classic Chain (ETC).
Solana holders have proudly watched as their beloved asset has been recognized by more traditional players with each passing day- even surpassing them on some exchanges! The Santiment analytics platform noted that while BTC dominance remains at almost 50%, ETH had fallen below 20% after being over 30%.
Solana, a new blockchain platform designed for high-speed transactions with the capability to process 1 million+ transactions per second has just concluded their token sale.
The Mango Markets DEX is set to be built on top of this cutting-edge technology and will allow users around the world to access decentralized exchanges at speeds never before seen in crypto as well as fiat currency trading pairs not currently available anywhere else.
The adoption of Solana’s been increasing sharply over recent months; last week they raised nearly $70M from an ICO that took place on their own network using its native SOL tokens (SOL).
Looking At The Crypto Markets
The Solana coin surged this past week as the alt season has been in full effect. Altseason is a time when many cryptocurrencies other than Bitcoin experience significant increases and are thus worthy of investment opportunities for traders who want to get involved with more speculative investments.
The Solana cryptocurrency is a newcomer to the altcoin scene. The token rose in value significantly this year and its rapid ascent doesn’t show any signs of stopping anytime soon. Crypto enthusiasts attribute the recent surge in popularity partially due to Bitcoin seeing less than stellar performances lately.
But it’s hard not to see that most people are simply enjoying their time off with summer being just around the corner which has been giving an extra boost to all cryptocurrencies as well as stocks markets across the Asia Pacific region (particularly Japan).
The latest altcoin surge has caused BTC’s market dominance to plummet and is now only 43%. The current crypto world seems like a battleground with Bitcoin on the verge of losing its reign over this decentralized economy.
In a market that saw many cryptocurrencies suffer from losses, Terra (LUNA) was one of the few coins to see significant gains. The currency is up by more than 35% in only 24 hours and has seen over 100% growth in just seven days.
The market cap of cryptocurrency assets has boomed in recent months, now standing at $1.9 trillion and up by over 700 billion dollars from just under 2 weeks ago! Ethereum’s position as the crypto-market leader is also on an incline – currently sitting steadily around 18%.