Smart contract platform Solana (SOL), the fifteenth largest cryptocurrency by market capitalization, was able to quickly recover from the collapse of the crypto market.
Solana, the fifteenth largest cryptocurrency by market capitalization, has managed to increase by 48% in the last week. This is shown by data from the Metrics website Nomics. The current price is $40 – the highest price since May 19, when SOL fell from $56 to $35.
While Solana is rising, the rest of the market is stagnating. Bitcoin, by far the largest cryptocurrency and the “guiding star” of the market, fell 2% yesterday, trading at $36,000. Ethereum, the second largest, is down 0.3% to $2,690.
Similarly resilient to Solana are the native tokens of other smart contract platforms-including Cosmos and Polkadot, according to a note from crypto research firm Messari.
Analyzing the crash performance of five crypto sectors (smart contract platforms, decentralized finance, decentralized exchanges, currencies and web3), Messari found that smart contract platforms have proven to be the most resilient to the recent crypto market crash.
The crash, which spanned the entire month of May and to some extent April, halved the Bitcoin price to lows of about $32,000. Bitcoin recovered to highs of about $40,000 before falling to today’s price of $ 36,000.
Smart contract platforms rebounded by 3.11% last week, while Web3 coins gained only 0.12%. Over the past 24 hours, Cosmos has jumped in price by 2.77% to $15.28, and Kusama was able to rise 1.67% to $414. Polkadot is down 0.48%, trading at $24.33.
Solana was founded in 2017. It is a Blockchain that supports highly scalable decentralized applications (Dapps). SOL is often touted as an” Ethereum killer ” because the project is said to be capable of processing 50,000 transactions per second (TPS). Here you can find SOL price forecasts from 2021 to 2026.
That’s much faster than Ethereum’s average of 10 to 15 TPS and Bitcoin’s average TPS of five to seven.
However, with a market capitalization of $ 11 billion, Solana is still far behind Ethereum, the dominant smart contract network, which has a market capitalization of $ 306 billion.
In addition, there have been several trust-inspiring developments for Solana.
As Decrypt reports, the Solana team plans to raise between $ 300 million and $ 450 million to expand the platform – which is well beyond the intended but undisclosed funding amount for the March funding round, which was extended after the great interest of investors.
In addition, a new NFT marketplace was launched on Solana on June 2: Metaplex is touted as a “Shopify for NFTs” and allows artists like Grammy Award-winning RAC to create their own NFT stores. Unlike some popular NFT marketplaces like OpenSea, Metaplex is decentralized – and much cheaper than NFT platforms on Ethereum-it reportedly costs 35 cents to coin an NFT and $3 to auction it.
Text credit: Decrypt
Top Brokers for buying and trading cryptocurrencies
- Buy Real Bitcoin or Bitcoin CFDs
- Wallet and Exchange in one
- 14 + Cryptos
- EU regulated
- Over 40 cryptos on offer
- Fees rather in the midfield
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.