Bitcoin steadied in early Asian trade on Monday, at $462,300, but major cryptos still nursing double-digit losses over the last seven days, with meme token, dogecoin, down nearly 23% over this time period.
The most high profile crypto hit a high of $52,770 last week, ahead of El Salvador’s adoption of bitcoin as a legal tender. Within hours of trading, BTC’s value plunged to $43,767, sparking a fall in prices of the majority of the 10 largest coins by market capitalisation, according to data from coinmarketcap.com.
Dogecoin, whose image uses stock internet meme a Shiba Inu dog, is currently at $0.2408 – a 22.84% decline over seven days.
Solana bucks market trend
Bitcoin is 12.8% down in the last week, while cardona, ethereum, binance coin and XRP are nursing losses in the high teens.
Altcoin Solana bucked the trend – and is still up over 12% over the past seven days, despite losing ground in the last 24 hours to hit $156.82.
Solana, which only launched in 2020, is designed for the creation and implementation of decentralised apps – similar to Ethereum and TRON.
Polkadot also up
Solana touts itself as both the fastest blockchain in the world and fastest growing network over 400 projects spanning DeFi, NFTs and Web3.0 – essentially a way for people to use the internet without revealing their data.
Fellow decentralised token Polkadot, was also up over the week, posting near 5% seven day rise.
On 10 September, Jeremy Allaire, CEO of peer-to-peer payment provider Circle, pointed to the huge volume of stablecoin USDC, which has traded on the Solana network over the previous week. Over $2bn of the stablecoin were transacted across the Solana network in that time.
1/ A long thread on the rapid growth of USDC on Solana, and why it matters in the future of payments, banking and capital markets. First, in just a week, USDC on Solana jumped from 1B to 2B in circulation. Wow! pic.twitter.com/tmUKpotzPH
— Jeremy Allaire (@jerallaire) September 10, 2021
Solana may be “overbought”
However, crypto price website AltFins says Solana is “bullish but extremely overbought” and suggests a correction may be due.
Last week Nikolaos Panigirtzoglou, a global market strategist at JPMorgan told Insider that the recent price rise in altcoins, such as Solano was: “largely driven by unrealistic expectations about the tokens”.
Ready to get started?
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.