Solana Rallies 9% as Global Crypto Market Surges to $2.3 Trillion

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. 

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.