Certain Altcoins Are Rising While BTC & ETH Are Slowly Sinking
1.5% of crypto market capitalization was wiped out overnight, as several of the largest cryptocurrencies nosedived. Despite the market wide drop, there were altcoins like Solana, Terra, and Algorand that managed to keep their momentum.
Solana (SOL)
Solana, which is at the time of writing trading at $189, is up 32% on a weekly chart, and 10% on a daily chart. This time last month, Solana was worth $39.
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, where it currently sits with a $55.4 billion market cap.
Algorand (ALGO)
Solana isn’t the only altcoin on a smart contract blockchain that has seen massive soar. Algorand is up 10% today, and 75% higher than last week as it trades for $2.12. Algorand was trading at $0.88 cents only last month.
End of August, 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 (LUNA)
Terra has also managed to keep climbing despite the what happened earlier this week. It trades at $40, 13% gains on a daily chart and 25.7% gains on a weekly chart.
Terra’s rally may be boosted 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 8.8% in seven days to trade at $45,677, while Ethereum is down 14.8% to trade at $3,326.
