Solana's slow burn
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 24th October 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
SOL Rallies Ahead Of Potential Altcoin Renaissance
Crypto only days ago began to rally. Heck, Bitcoin breached $69K.
However, the Sunday-into-Monday upswing flamed out. Markets this week fizzled then drifted sideways.
Still, several memecoins remain red-hot while Solana (SOL) quietly reignited.
Rival to Ethereum and a Big Ten stalwart, SOL (fifth-largest coin in terms of total market capitalization) had gained 5% over the past 24 hours, as of today at 8:30 a.m. (EST). SOL has surged 15% since last week at this time. It's approaching $175. SOL, a staple of many traders' altcoin diets, last topped $200 this past spring.
A pundit-economist Alex Kruger sees SOL (and ETH for that matter) outperforming BTC following the U.S. presidential election (The Crypto Basic).
Earlier this morning, the largest digital asset reclaimed the $67K mark after a 1.5% gain. BTC's downturn this week (it touched a ten-day low) may have been short-lived in the face of a still-ongoing "hunt for liquidity," Decrypt said, noting tailwinds galore and widening expectations for the $70K mark to come back into view.
Meanwhile, Popcat (POPCAT) and Goastseus Maximus (GOAT) each notched new all-time highs as of earlier today. The latter, a memecoin hatched by a chatbot consorting with a merry band of degens, hit 87 cents just before 8 a.m. (EST). GOAT now has a market cap of about $774 million, making it the 99th-largest coin.
As for POPCAT, it's No. 62, with a market cap roughly twice the size of GOAT's.
POPCAT's ATH of $1.67 came during the wee hours of this morning.
What's down
ETH Idles As Network Traffic Jams Persist
The second-largest crypto, Ethereum, shed 1.6% in 24 hours. It's down 2.7% over the past week.
However, ETH is holding the crucial line above $2,500. When that level was relinquished yesterday, analysts sharply questioned network fundamentals.
A broad swath of better-known coins as a group shaded slightly green over the past month; but ETH over the same time period has lagged its cohorts by 8%.
At the same time, Solana enjoys an edge over Ethereum in terms of the sheer volume of on-chain activity, per DeFi Llama data.
Network congestion on Ethereum continues to be a problem with no clear solution (Cointelegraph).
What's next
Waiting For Gold To Lose Its Luster
Gold this week soared to historic highs, above $2,700 per ounce. The yellow metal is up 37% YTD. A rush for our times can be found in the market for gold-laden ETFs which are snatching up the coveted commodity with all the zeal of a Northern California prospector circa 1849.
According to CoinDesk, Bitcoin could be on the precipice of a coming boom, provided gold's bullish momentum wanes. It's a scenario that has played out before.
At the end of 2019, the per-ounce gold price ticked up from sub-$1,500 as early pandemic worries manifested in China. Eventually, by August of 2020, gold surpassed $2,000, a record high at that time.
During the same period, BTC fell, bounced, stayed flat and for the most part hovered just below $20,000, which at the time was its ATH.
As gold pulled back in late 2020, BTC started to run higher, surging to $60K by March 2021. "Perhaps a rotation occurred," CoinDesk theorized. "But nevertheless, BTC waited for gold to stop climbing."
