Altcoins Steal the Show, Solana (SOL) Crypto Shoots to $70
The overall cryptocurrency market is holding up strongly above the $2 trillion market cap. Just as Bitcoin (BTC) continues to flirt around $47,000 levels, altcoins have taken a lead in the recent crypto market rally. Over the last week, altcoins have added a total of $150 billion to the overall crypto market contributing over 50% to the total market growth.
The overall altcoins market is quite heated at this point and the top performer for the week has been open-source blockchain project Solana (SOL). Solana has topped more than 70% gains over the last week hitting its new all-time high by moving past $70.
At press time, SOL is trading 14.94% up at $71.42 and a market cap of $20.05 billion. This has helped Solana to make its way to the list of top ten cryptocurrencies by market cap. Since its inception, the social dominance of Solana has peaked at its all-time high.
Solana SOL Social Dominance (Courtesy: Santiment)
Although Solana has been a clear show-stealer, other altcoins in the top ten have also performed exceptionally well. Cardano’s ADA has clocked 32% gains over the last week thereby becoming the fourth-largest cryptocurrency by market cap.
The ADA price rally comes on the backdrop of a successful implementation of the Alonzo Purple Testnet. The Alonzo hardfork will bring smart contract functionality for the very first time on the Cardano blockchain network. At press time, ADA is trading at $2.10 with a market cap of $67.5 billion.
Another top performing altcoin over the last week has been Ripple’s XRP. With over 40% weekly gains, XRP managed to shoot past its major resistance level of $1.00. As of press time, XRP is trading at a price of $1.21 and a market cap of $56.2 billion. It is for the first time in three months that XRP has touched these levels. The recent price rally comes on the backdrop of strong development activity happening on the Ripple blockchain network.
Ripple XRP Development Activity (Courtesy: Sentiment)
Meme cryptocurrency Dogecoin (DOGE) is another strong performer with early 30% gains over the last week. As of press time, DOGE is trading at a price of $0.33 and a market cap of $43.3 billion. Dogecoin continues to receive strong backing from some of the industry veterans and billionaires like Mark Cuban.
Open-source multi-chain protocol Polkadot (DOT) is another top performer in the altcoin space. With 25% weekly gains, Polkadot is currently trading at $26.14 and a market cap of $26.09 billion.
Bitcoin News: BTC flirts Around $47,000 With Strong Network Activity
Amid the strong altcoin show, Bitcoin has been defending its position strongly. The BTC price has been flirting around $47,000 as it looks to set itself up for the next leg of the journey.
There have been some positive developments taking place on the Bitcoin network off-lately. The Bitcoin realised market cap has touched an all-time high of $379 billion. On-chain data provider Glassnode explains: “The Realised Cap started trending higher in late-July and has just reached a new all-time-high of $379B. Given spot prices have continued to rally, this indicates that new capital is flowing into Bitcoin, and the market is capable of absorbing that sell-side pressure”.
Bitcoin BTC Realised Cap (Courtesy: Glassnode)
Furthermore, the Bitcoin miner balances have been on the rise over the last month. Since the beginning of July 2021, the net miner position has turned positive and is on the rise. The net growth of miner balances has crossed +5K/month thereby indicating a decreased selling pressure.
Bitcoin BTC Miner Balances (Courtesy: Glassnode)
Another important development is with the Bitcoin blockchain’s scaling solution, the Bitcoin Lightning Network. Over the last year, the number of nodes on the Bitcoin Lightning Network has jumped from 7.5K to 14K. Similarly, the number of Bitcoin under circulation on the Lightning network has literally doubled.
Crypto News: Walmart Looking for a Crypto Expert, Microsoft to Leverage Ethereum to Fight Privacy
America’s largest brick-and-mortar retailer Walmart is looking to hire a cryptocurrency product lead. The executive in charge will be “responsible for developing the Digital Currency strategy and product roadmap”. Besides, he/she will also be responsible in forming key partnerships and investments in this sector.
The growing retail demand for digital assets has forced online and offline merchants to adopt a crypto payments strategy. However, Walmart hasn’t disclosed whether if it is planning to integrate crypto payments.
Tech giant Microsoft has recently decided to tap into the Ethereum blockchain network to tackle piracy issues at its end. The Microsoft research team recently published a paper wherein it notes that it will leverage the blockchain-based incentive system to build anti-piracy campaigns.
Dubbed as “Argus: A Fully Transparent Incentive System for Anti-Piracy Campaigns,” the system will rely on the transparency aspect of the blockchain network. The paper stated: “We see this as a distributed system problem. In the implementation, we overcome a set of unavoidable obstacles to ensure security despite full transparency.”