Altcoins Solana, Cardano and ICP all experienced significant price surges in the last twenty-four hours as crypto markets swelled by more than 4% to a global market capitalization of $2.3 trillion. 

Solana grew 9.06% overnight to hit a new all-time high price of $90.83. The project pitches itself as a much more efficient blockchain than Ethereum. It currently hosts about 1,423 transactions per second to Ethereum’s humble 15, and each costs a fraction of a cent compared to Ethereum’s sky-high fees.

Solana has been hitting new all-time highs all week. On Thursday night alone, the cryptocurrency grew 23%. Since mid-August, Solana has enjoyed temporary spells in the top ten cryptocurrencies by market capitalization. It’s now back down to eleventh place. 

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Solana’s rally may have been helped by the news that digital asset manager Osprey Funds beat out industry titan Grayscale to prepare a Solana investment product. The Osprey Solana Trust registered with the U.S. Securities and Exchange Commission (SEC) on Tuesday

The fourth-largest cryptocurrency by market cap, Cardano, rose by 8.36% overnight, to $2.85. 

Cardano also attracted strong institutional attention this week. Nigel Green, CEO of asset management company deVere Group—which stewards $12 billion—gave Cardano a September price target of $3, adding “I’ve been bullish on Cardano for a long time.” 

In terms of price gains, Dfinity’s ICP token leads the pack. The blockchain project, which hopes to compete with the $370 billion cloud computing industry, blew up 16.16% overnight to hit a new price of $66.37. Having held a very brief all-time high of $567 three days after its May 7 launch this year, ICP went into freefall, spiraling down to a price of $22.41 before it began to recover.

The market leaders are also doing well. Bitcoin is up 3% to $48,922, while Ethereum is also up 3% to $3,261.

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Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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