The overall crypto market grew 2.5% overnight to reach a new total market cap of $2.48 trillion, with two Ethereum competitors leading the rally: Solana and Avalanche.
Solana is up 16.04% in the last 24 hours. It is currently trading at $159.66. However, it is still priced about 30% below the all-time high set 10 days ago. It has not been an easy week for the Solana network. On Tuesday, there was a network-wide outage. Solana CEO Anatoly Yakovenko explained that the outage was due to “bots flocking to an IDO on the decentralized exchange Raydium.” The IDO in question was for Grape Protocol, a popular toolkit for decentralized finance applications in Solana.
The next day, the outage dropped Solana’s price by 13% to $145, but later that same day network validators restarted the network and Solana’s price rose to $163.
Avalance is today’s other big booming altcoin. AVAX reached a new price of $72.15, up 16.9% overnight. Avalanche’s current rise can be attributed to Thursday’s private token sale led by Polychain Capital and Three Arrows Capital.
Besides, things are not that exciting for market leaders Bitcoin and Ethereum. Bitcoin rose 2.4% to $48,729. Ethereum is one of the slowest moving altcoins in the top twenty today, up 1.84% to hit $3,531.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.