Solana
Bitcoin bounces above $61,000, Solana leads cryptocurrencies higher
Cryptocurrencies rose significantly, one day later bitcoin fell below $60,000 for the first time since early May, leading to a broad sell-off in crypto assets.
Bitcoin advanced more than 3% on Tuesday to $61,741.78, according to Coin Metrics. The move coincided with a rebound of Nvidia and the Nasdaq Compositeboth of which, in the previous session, had their worst days since April.
“When the stock market turns, we will likely also see panic selling of crypto, for no fundamental reason other than emotion and perhaps the need to raise cash for margin calls,” said Noelle Acheson, an economist and author of “Crypto is “Macro Now” Newsletter. “Crypto was hit with some risk asset jitters yesterday.”
Solana was, however, the crypto market leader on Tuesday. It jumped 8% after the Solana Foundation announced an update that will allow users to share on-chain stocks like shareable links around the Internet. The token linked to Chainlink, which provides data feeds on the Solana network, gained 7%.
Coins tied to other Ethereum rivals have risen broadly. Cardano’s ADA gained over 6%, Polkadot jumped 5%, and Binance Coin rose 3%.
“Today’s news coming out of Solana is a burst of positivity. The idea that over a billion people can now easily access and use SOL is one that is uniformly positive for the alt coin and its ecosystem, and traders rallying behind other alt coins are likely betting that this momentum will continue into the broader DeFi and Web3 market,” said Ben Kurland, CEO of crypto research platform DYOR.
However, he added: “I doubt we’ll see the real impact of this news for some time, and my money is on us returning to the type of market action we saw earlier this week.”