What is happening to solana and fantom as the value of cryptocurrencies skyrocket?
Two new cryptocurrencies, solana and fantom,
have seen massive price increases. Discover the new bitcoin rivals.
Two new cryptocurrencies are causing a stir,
with solana reaching an all-time high of $US30 billion and fantom soaring to $US600 million.
Both of these relatively recent entrants are viewed as formidable opponents to ethereum,
one of the most prominent cryptos, as well as bitcoin.
Solana prices increased by 13% on Monday to $US103.72,
while fantom prices increased by 70% in a single day to $US0.87.
When did solana and fantom make their public debuts?
Solana began 18 months ago and has grown to become the eighth largest cryptocurrency in the world,
with a market cap of over $US30 billion.
Its price has increased by 37% in the last week alone, and by a whopping 70% this year.
In the previous 30 days, Fantom has risen by more than 340 percent.
It may be on the verge of returning to its all-time high of $US0.94,
which it reached in May before to the crypto market crisis.
Although it launched in December 2019,
the most of its primary features were not introduced until late last year.
Who is responsible for the cryptos?
Solana's most renowned creator is Anatoly Yakovenko, a former Dropbox software engineer.
One of his primary goals was to distinguish the coin through a proof of history feature,
which allows it to track transactions and the period that elapsed between them,
thereby increasing trust in the blockchain tale.
He assisted solana in 2017 in raising $US25 million in public
and private fundraising rounds to support the digital coin.
Fantom was launched in early 2018 by Ahn Byung Ik, a South Korean with a PhD in
computer science and prior experience leading multiple successful start-ups.
According to rumours, he has severed ties with the cryptocurrency due to South Korea's tight rules.
The purpose of fantom was to develop a cryptocurrency that would be ideal
for smart cities, with the lofty goal of processing 300,000 transactions per second.
What is the total number of coins in circulation?
For solana, a total of 489 million coins are scheduled for release,
with approximately 260 million already in circulation.
However, 60% of these coins are held by the project's founders and foundation,
with the remaining 38% allocated for the community.
There are 2.5 billion fantom coins in circulation at the moment,
out of a total quantity of 3.1 billion.
What pricing changes have occurred this year?
Solana began the year selling at less than $US1.85, but has now surpassed the $US100 level.
This means that solana has gained more than 3600% this year alone.
Fantom fell to a low of $US0.15 on July 20, then soared 500% to $US0.90 on Monday,
as its 24-hour trading volume surged 1250% to a record $US1.26 billion.
Why are there such dramatic increases in value?
Prices have increased as a result of the adoption of technology known as smart contract
blockchains and the projects they can host, in addition to providing bank-grade security.
Essentially, individuals can utilise the technology for decentralised finance and trade,
lending, and digital collectibles such as NFTs.
Jonas Luethy, a trader at London-based cryptocurrency broker GlobalBlock,
said the burgeoning popularity of NFTs, which are beginning to attract the attention of celebrities,
fueled solana's spike.
He stated that NFT sales reached a record high of over $US900 million in August.
According to statistics, fantom processes 200,000 transactions
every day and has over 77,000 digital wallets on the network.
What is the value of Solana?
Additionally, the value of Solana's decentralised financing initiatives increased in August alone,
topping $US3 billion for the first time ever.
Additionally, the digital coin is thought to
represent a danger to ethereum due to its technology being more adaptable,
less expensive, and capable of faster transaction speeds. On its website,
it promises that its technology is capable of processing 50,000 transactions per second.
Solana has also gained more than $US7 million in nett investment over the last week,
according to crypto investing firm CoinShares, compared to bitcoin's loss of $US2.8 million.
According to experts, solana is the only cryptocurrency in
the top ten that has increased in value during the last 24 hours.
What about China's sway over crypto?
While the price of solana has increased about 220 percent in the last month,
it has fallen nearly 60 percent as a result of the crypto market crisis caused by Chinese laws.
The US authority is also looking into the cryptocurrency market
and the technology that powers it, which might jeopardise the currency's growing popularity.
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