Bitcoin is the largest cryptocurrency in the world in terms of market capitalization, and investors are closely monitoring any news about Bitcoin. Its price also directly affects other cryptocurrencies.
As it rallies so do most altcoins and Solana is not an exception. Bitcoin’s behavior is usually constant, what with the decline in the earlier months of 2021, it declined and so did many altcoins. Identically, when it rallied several weeks ago, many altcoins came in running right after Bitcoin. For instance, just about a week ago, it came back up to $50,000. During the same period of time, there came a notable surge in many other altcoins as well.
Solana is one of the most interesting altcoins, as Solana is slowly but steadily gaining traction in the crypto market. Indeed, it set a new all-time high just a couple of hours ago at $100.84. This is a huge achievement for the Solana network as well as its community.
Its best result in history came as no surprise for seasoned traders. Most of them noticed that it was showing bullish signs for over a week now. Thus, it was clear that a hike in price was not far off. Also, it saw an interesting flow of institutional investments during this time as well.
Solana and other altcoins
Solana was not the only altcoin that reached great results over the past week. Cardano as well as IoTeX also demonstrated their abilities. The price of IoTeX rose by almost 400% and Cardano set a new all-time high of $2.45.
Apart from the altcoins mentioned above, many others showed extremely high bullish tendencies. Ripple’s XRP, XDC Network’s token-XDC, and others.
That’s not the end of the story as these cryptocurrencies are still showing bullish signals, Cardano is one of them. The platform is set to release its Alonzo mainnet in the near future.
Cuba made a historic decision, as the country decided to recognize cryptocurrencies. The country’s government said it will recognize as well as regulate cryptocurrencies for payments on the island. The Central Bank of Cuba will set rules for such currencies and determine how to license providers of related services in the country.
This week, the first cryptocurrency ATM opened in Honduras. Supporters of Bitcoin sought to spur demand for cryptocurrencies after El Salvador became the first country to establish Bitcoin as legal tender.
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