As global cryptocurrency markets lost 1.5% of their market capitalization overnight, several of the largest cryptocurrencies also nosedived. But this week’s overnight slumps have not erased the overall gains made by altcoins like Solana, Terra, and Algorand.
Solana is up 27.56% from this time last week. Holders are even enjoying a 2.13% overnight rise in the value of the coin as it trades for $183 today. This time last month, Solana was worth $39.
Today’s performance is nothing new for Solana. Last month, the Ethereum competitor wasn’t even in the top 10 cryptocurrencies by market capitalization. At the beginning of the month, Solana flipped Dogecoin to reach seventh place. By Tuesday this week, it flipped XRP for sixth place.
Solana isn’t the only currency on a smart contractblockchain that has seen explosive price movement. Algorand is up 5% today, and 77% higher than last week as it trades for $2.15. Algorand was trading at $0.88 cents only last month, which means the currency has trebled in value over this period.
On August 31, Algorand announced that it had signed a cooperation agreement with Latin American blockchain fintech company Koibanx to develop El Salvador’s blockchain infrastructure on the Algorand blockchain.
Terra has also weathered the slump well today. It trades at $39—5% higher than yesterday and 21.2% higher than it was this time last week.
Terra’s rally may be getting bolstered by anticipation for certain network developments expected in Q4. José Maria Macedo, a founding partner at research firm Delphi Digital, calls these developments ‘Terra Autumn’.
The most notable upgrade will be the deployment of the Columbus-5 mainnet this month. Col-5 was originally scheduled for release on Thursday, but the Terra team has announced that it will be delayed by about three weeks.
Col-5 integrates with Cosmos’s Inter Blockchain Communication protocol to enable Terra to interact with other blockchains. Other perks include simplified stablecoin swapping, burning, and the ability for LUNA stakers to receive swap fees.
The two market leaders Bitcoin and Ethereum have significantly depreciated in value this week. Bitcoin is down 9.3% in seven days to trade at $45,600, while Ethereum is down 15.2% to trade at $3,322.
Amid recent Bitcoin losses and volatility, more than a quarter—26%—of the Bitcoin supply is now “underwater,” meaning it is worth less than what it was purchased for.
This marks a stark reversal of fortunes for investors in recent months, according to data collected by market analysis tool CryptoQuant. On December 15, only 0.015% of the BTC supply was “underwater,” meaning only a very slim percentage of BTC held was without an unrealized gain for investors. As recently as January 18, the percent...
Cybersecurity firm Kasperky has discovered a malware which tricks victims into sending attackers their crypto by replacing trusted wallet addresses on a users' clip board.
The malware is being distributed under the guise of Microsoft Office Add-Ins on the SourceForge website.
In reality, alternate links are being used to install this malware and infiltrate crypto wallets. The coding appears to be in Russian with an expected 90% of potential victims in Russia, Kaspersky researchers wrote in a pos...
Dogecoin just fetched its biggest institutional nod yet.
21Shares, one of the world’s largest issuers of crypto exchange-traded products (ETPs), announced Wednesday that it will launch a fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange under the ticker DOGE.
Much wow. Now live! 🐕 In partnership with @houseofdoge, we're excited to introduce the only Dogecoin ETP endorsed by @dogecoinfdn, now available through your bank or brokerage.
Here's to the meme that made it. 🍻
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