Crypto Market Cap Reaches Highest: SOL and AVAX to Watch Out
The total market value of all crypto assets has reached a record high of 3 trillion U.S. dollars.
The positive market momentum during the Asian trading session on Monday morning led to a 3.1% increase in the total market value of cryptocurrencies.
This pushed it to a record high of over US$3 trillion. The total market value has increased by 8.4% in the past seven days and 25.5% in the past 30 days. Since the beginning of 2021, it has soared 284% from USD 775 billion on January 1.
In terms of market value, the crypto market is now larger than the world’s largest company, the latter being Microsoft, with a market value of US$2.5 trillion.
All the significant cryptos are traded in the green, including Solana (SOL), Ethereum’s biggest rival.
Solana: Fourth-biggest cryptocurrency by market cap
The price of Solana rose by more than 1% in the past 24 hours, and its value has expanded by more than 25% in the past week. Solana’s price hit a record high of $260.06 this weekend. Thus, leaving some investors to speculate whether it is catching up with rival Ethereum, the cryptocurrency.
At the moment, SOL is surpassing ADA (Cardano) and the leading stablecoin USDT (Tether) and proudly takes the fourth-largest crypto by market cap.
As of present time, the total market cap of SOL tokens in circulation is slightly more than 76 billion U.S. dollars. SOL is only behind Binance Coin (BNB) of 109 billion U.S. dollars, Ethereum (ETH) of 540 billion U.S. dollars, and Bitcoin (BTC) of 1.17 trillion U.S. dollars.
The market value of Solana has soared after its native token, SOL, hit a record high and reached $262 for the first time on November 7. This was mainly caused by the increase in the total market price. Other top cryptocurrencies also experienced similar gains.
What Is Solana (SOL)?
Now, let’s say a few words about Solana. Solana is a powerful new open-source project. The idea and prior work of the Solana project began in 2017. However, Solana was officially launched only after three years, in March 2020.
Solana’s goal is to provide decentralized finance (DeFi) solutions by using the permission-free nature of Blockchain technology. Thus, Solana facilitates the creation of decentralized applications (DApps).
It aims to improve expandability by introducing a combination of Blockchain Proof of Stake (PoS) consensus and Proof of History (PoH).
Solana has attracted the attention of small and institutional traders with its innovative hybrid consensus model.
AVAX coin is entering a bullish trend
Avalanche (AVAX) cryptocurrency is showing a significant bullish trend, hitting record highs every day. Investors are becoming more and more interested as most people expect its price to continue to rise with its increasing popularity in the crypto field.
The trading price of AVAX/USD was 93.4 US dollars, an increase of 10.6%. The currency pair has generally risen since it broke the support level. But it is still below the previous high of $102.7 because it encountered resistance at $94.
The bearish market we have seen in the past few weeks seems to be over. AVAX is now at a critical juncture-if it continues like this, it may reach $100 in the next few days.
What is an avalanche (AVAX)?
Avalanche (AVAX) is the native coin of the Avalanche blockchain network.
For those unfamiliar with the Avalanche blockchain, it is a first-layer blockchain that provides a platform for developing decentralized applications (DApp) and custom blockchain networks.
Avalanche is one of Ethereum’s main competitors. It aims to replace Ethereum as the blockchain of choice for smart contracts. Compared with Ethereum, it has higher transaction throughput and scalability.
Avalanche’s growing popularity among decentralized developers (DApps) is expected to push up the price of Avalanche.
The last 24 hours of trading of AVAX tokens have been stable. After reaching a peak of $93.5, the coin experienced some downward momentum, making its value exceed the support level of $78. But it rebounded strongly again, closing slightly below the resistance level of around $92.
In the next few days, the bullish market will make AVAX trade at $90. If the currency can break through the resistance level, it will likely move towards another all-time high-this time, around $100.
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