Cardano and Solana Reach new All-Time Highs, Ethereum Closing in on $4,000

Key takeaways:

  • Following the successful Alonzo testnet launch, Cardano reaches a new ATH and crosses $3 mark for the first time
  • Solana displaces Dogecoin as the 7th largest crypto by market cap, up more than 20% in the last 24 hours
  • Ethereum’s rally is leading the way for a wider altcoin resurgence

The altcoin season is upon us. Solana and Cardano have both posted new all-time highs in the last week on multiple occasions. Ethereum has performed very well since London upgrade went online and is now just 10% shy of its former all-time high. We’re taking a look at the most recent major market moves.

Cardano over the $3 mark for the first time

On Thursday, Cardano reached a new all-time high on the tailwind of a massive trading burst, which pushed the price from $2.86 to $3.10 in the span of 5 hours before receding to $2.99 at the time of this writing. In the meantime, Cardano’s total market cap has almost broken the $100 billion mark.

The stellar market performance coincided with the launch of the highly anticipated Alonzo testnet, which saw the successful deployment of smart contract functionality. Mainnet upgrade is scheduled to go live on September 12.

Solana rises to the 7h spot by market cap, sees more than 300% monthly growth

With each passing day, the so-called “Ethereum-killer” continues to impress. Today, Solana gained more than 20% and reached a new all-time high of $145.41 before dropping to $143.27 by press time. The massive rally that started on August 26 increased the price of Solana by almost 120% in a week’s time and made Solana overtake Dogecoin as the 7th largest crypto by market capitalization.

The Solana team was teasing the mysterious “Ignition” event over the last weekend on social media, which boosted market activity and led some members of the community to speculate on the nature of the event. The speculation ranged from a potential Solana burn event to some kind of NFT announcement. On September 1, it was finally unveiled that Ignition will be a global hackathon event with $5 million in prizes.

Ethereum is less than 10% away from its all-time high

Since August 30, the price of the biggest altcoin in the market increased from $3,260 to $3,945 at the time of this writing. This marks the highest price point since May 16, when a massive single-day sell-off caused crypto market prices to crash in the following weeks with ETH losing almost half of its value.

Ever since the London upgrade went live on Aug 5, Ethereum has been on a steady growth trajectory as the second-largest crypto grew by over 50% since then. Ethereum’s run seems to have kickstarted a new altcoin boom, as all but a few coins in the top 100 by market cap are up double digits over the last month.

Leave a comment

Your email address will not be published. Required fields are marked *