Cryptocurrency News, Cryptocurrency Price Analysis

SOL Record Massive Gains Over The Weekend

The crypto market has continued to stall in fortunes in the last two weeks. Bitcoin, the leading cryptocurrency, has also been unable to hit a new ATH for almost a month, as it currently bounces around the $60K mark. Many altcoins like Ethereum, Polkadot’s DOT, and Cardano’s ADA have also continued to witness rapid volatility in price, as the crypto market’s overall fortunes have not been impressive enough. However, last weekend was good enough for Solana Network, as its native token- SOL, had gained more than 35% over the weekend, with 14% of the price surge coming in the last 24 hours.

Solana on the part of rivaling Ethereum

The news of Solana, hitting giant strides in the last one week, delights many analysts who had high hopes for the altcoin. However, the altcoin has been able to rise above many of its counterparts, as it seems to be one of the biggest gainers of the crypto market recovery. The blockchain network, believed to rival and probably displace Ethereum, has been making waves since last year and attracting investors. The network had recently just received a $40 million funding for its development from MXC and OKEx, and many crypto analysts are touting it to be the reason behind the meteoric rise of its token.

The new funding is set to allow the network to realize its ambitions of displacing Ethereum. The Solana network currently processes more minor transactions when compared to Ethereum, but fortunately, it boasts of lower transaction fee. However, the new funding will allow network developers to build the network to compete with its rivals and offer its users lower transaction fees. The token’s market cap is currently $4.89 billion, and its trading volume surge as high as $417.75 million in the last 24hours. The token’s current market price is $18.26, and investors are optimistic that it will hit the $20 mark in no time.

Bitcoin and other tokens

Bitcoin remains the leading cryptocurrency in the Blockchain space, but it has not been one of the biggest gainers in the market. The digital asset’s market cap is still above $1 trillion, and its trading volume in the last 24 hours is at a high of $53.4 billion. However, despite gaining more than 3.5% in the last 24hours, the cryptocurrency currently trades around the $58K mark, as it looks like it will take time to reach another ATH. On the other hand, it appears that Binance token- BNB is one of the biggest altcoin gainers in the last 24hours.

The BNB token currently trades around the $277 mark and has gained at least 6.3% since yesterday. Other tokens like THETA, which has surged by more than 4.9% in the last 24 hours and currently trades at $13.02, highlight a good weekend for the cryptocurrency market. However, many crypto analysts and investors are delighted as the market is starting to look good again, and expectations are beginning to be high once more.

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