Solana Sparkles In Crypto Rally

Cryptocurrencies gained more than 3 percent in the past 24 hours amidst lingering excitement about a likely regulatory approval for a spot Bitcoin ETF product. Solana dazzled with overnight gains of close to 13 percent.

Frenzy surrounding a spot Bitcoin ETF continues unabated as the product is seen increasing the flow of money into the digital assets sector. An ETF product is widely believed to be a game-changer, given the prospect of partaking in the price movements in the cryptocurrency market without the necessity of having to hold a crypto wallet or dealing with centralized crypto exchanges.

Overall crypto market capitalization jumped to $1.66 trillion, from $1.61 trillion a day earlier.

Solana (SOL) recorded overnight gains of 12.7 percent, lifting market capitalization to $37 billion, from $33.2 billion a day earlier. Market dominance also increased to 2.24 percent, from 2.06 percent a day earlier. SOL has added 18.8 percent in the past week, 53.9 percent in the past 30 days and 770 percent on a year-to-date basis. The recent rally has helped SOL rise to the 5th position in the global ranking of cryptocurrencies. SOL also closed in on the market capitalization gap with 4th ranked BNB, curtailing it to $4.24 billion, versus $5.8 billion a day earlier.

Bitcoin (BTC) touched a high of $44,275.59, in the past 24 hours before falling to its current price of $44,103.07, gaining 2.6 percent in the past 24 hours and 2.3 percent in the past week. With a market capitalization of $863.4 billion, Bitcoin currently ranks 10th among all assets in the global ranking published by companiesmarketcap.com. Only two precious metals viz Gold and Silver and seven corporates viz Apple, Microsoft, Saudi Aramco, Alphabet, Amazon, NVIDIA and Meta Platforms command a higher market capitalization.

At its current trading price of $2,262.07, Ethereum added 2.3 percent in the past 24 hours, lifting market capitalization to $271.9 billion. Despite weekly losses of more than 1.6 percent, the leading alternate coin has gained 89 percent in 2023. With a market capitalization of $272 billion, Ethereum currently ranks 39th among all assets in the global ranking published by companiesmarketcap.com.

25th ranked NEAR Protocol (NEAR) jumped 16.5 percent in the past 24 hours.

89th ranked PancakeSwap (CAKE) gained 14.8 percent. CAKE rallied in the backdrop of the PancakeSwap community proposing a 40-percent reduction in CAKE’s supply. PancakeSwap is a decentralized exchange native to BNB Chain.

75th ranked Sei (SEI) rallied 13.1 percent in the past 24 hours.

55th ranked Helium (HNT) is the biggest laggard, with an overnight decline of more than 10 percent. 82nd ranked WOO Network dropped 7.4 percent whereas 26th ranked Injective (INJ) slipped 6.3 percent.

75th ranked Sei (SEI) is the biggest gainer in the past week among the top 100 cryptocurrencies. SEI added more than 56 percent in the past week. 25th ranked NEAR Protocol (NEAR) follows with gains of more than 42 percent.

FTX token (FTT), ranked 56th overall tops weekly losses among the top 100 cryptocurrencies with a decline of more than 25 percent. The decline comes amidst a U.S. judge denying Sam Bankman Fried’s request to push back his sentencing by four to six weeks. FTT has however gained more than a percent in the past 24 hours and 336 percent on a year-to-date basis.

60th ranked Bonk (BONK) tops gains over the 30-day horizon with a surge of close to 358 percent. The first dog-themed coin on the Solana blockchain has added more than 9500 percent on a year-to-date basis. 55th ranked Helium (HNT) follows with gains of more than 275 percent.

35th ranked Kaspa (KAS) is the greatest laggard over the 30-day period, shedding more than 12 percent. Kaspa’s overnight gains of 6.2 percent limited weekly losses to 11.7 percent. Nevertheless, KAS has added more than 2000 percent in 2023.

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