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📈 Solana Takes Seventh Rank Among All Coins
See what's behind SOL's recent bull run, along with the latest crypto stories.
| | | If you took a look at today's crypto prices, you have likely come across an interesting phenomenon.
While all the (non-stablecoin) cryptocurrencies in the top 20 are in the red, Solana has recorded nearly 20% gains in the last 24 hours.
As a result, the native SOL token of the highly scalable Ethereum competitor has claimed the top 7th spot among all digital assets by market capitalization.
In contrast, while Cardano (ADA) and Dogecoin (DOGE) suffered a 7.2% and 7.0 loss, respectively, Ethereum (ETH) took a 4% hit.
Now the question is: what is behind Solana's most recent bull run?
For some background, Solana is a highly scalable blockchain with a rapidly growing ecosystem that aims to rival Ethereum in terms of DeFi, NFTs, and other decentralized applications (dApps).
As Ethereum is struggling with limited scalability, Solana has gained quite some traction lately, which has led to an increase in its value. In addition to that, today's rally was fueled by the crypto exchange FTX's announcement on Monday to launch an NFT marketplace on top of Solana.
Since then, the cryptocurrency's price entered into a bull run, standing a little above $180 at the time of writing this newsletter.
Check out this article on Blockdesk to learn more about Solana's most recent bullish trends and FTX's new NFT marketplace. |
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Before you go, we highly recommend checking out the following stories to stay updated with the latest happenings of the crypto industry. You can find them below. |
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When Will Ethereum 2.0 be Merged - And What is it? – Ethereum is currently struggling with scalability issues that often come with increased gas prices. However, this will soon change as developers roll out the long-awaited ETH 2.0 upgrade that is expected to increase the network's throughput and swap the consensus mechanism of the blockchain. How Do Decentralized Exchanges (DEX) Work? – Centralized exchanges (CEXs) offer a convenient, fast, and beginner-friendly trading experience for users. However, as they control your private keys, you don't have full access to your funds with CEXs. To solve this problem, you can utilize a decentralized exchange (DEX) that operates via smart contracts on a non-custodial basis. Currency.com Joins CryptoUK To Pioneer Regulated Crypto Exchanges – The Belarus-based trading platform Currency.com recently joined the self-regulating trade association CryptoUK to promote the establishment of an efficient framework around cryptocurrency businesses within the United Kingdom. |
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| Hope you enjoyed today's collection of crypto stories. See you tomorrow, when we will return with more! |
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Cheers,
The Blockster Team |
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© 2021 Blockster. All rights reserved |
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