Solana price today Financial News

Bitcoin was holding the $19,000-mark, whereas Ethereum slipped below the $1,300-mark. Cryptos tracked equities markets, which were moving dismally amid rising fears. Top crypto tokens were trading mostly lower on Monday. Barring the stablecoins, BNB and Tron were the only altcoins in green. XRP plunged over 5 per cent, whereas Etheruem, Cardano, Solana, Dogecoin and Avalanche shed 2 per cent each. The global cryptocurrency market cap was trading marginally lower at $928.34 billion, dropping about a per cent in the last 24 hours. However, the total trading volume zoomed as much as 24 per cent, close to $45.24 billion.

Solana, the cryptocurrency that almost died amid the collapse of Sam Bankman-Fried’s FTX exchange. Trading volume over Solana’s blockchain reached the highest in more than two years on March 15, with memecoins such as Slerf, Boom of Meme, Snap and Dogwifhat leading activity on decentralized exchanges, according to data compiled by CoinMarketCap and DEX Screener. Slerf alone accounted for nearly $2 billion in volume in the last 24 hours, according to DEX Screener, which said total volume on Solana over that time nearly touched $11 billion.

cryptocurrency market was back in the red on Monday, thanks to profit-booking following weekend gains. Trading volumes sank significantly on account of the holiday week in Asian markets. Bitcoin, along with other tokens, moved little over the weekend with light trading volume, as the majority of the markets in Asia headed to the weeklong Lunar New Year holiday. All of the top-10 digital tokens were trading lower during the trade on Monday. Terra dropped more than 10 per cent while XRP and Solana shed 5 per cent each.

One such example is Solana, which enjoyed the title of 'Ethereum Killer' till a few weeks ago. But now, it has lost its mojo. The digital token has slipped down to the eighth spot among the largest crypto tokens from the fifth position earlier. It has lost two-thirds of its value from the peak of $260 hit last November. The crypto-token was trading around $86.5 on Monday. In the last 24 hours, Solana has tanked more than 17 per cent with its traded volume down about 25 per cent in the given period. The volume in this token has remained low off late.

Bitcoin sliding 4% and Ether down some 7% in late-afternoon US trading after an already brutal week. Bitcoin, the largest cryptocurrency by market value, traded at about $35,300 as of 4:15 p.m. It earlier touched $34,042.77, representing a loss of more than 50% from its all-time high last November. And it’s not alone: As crypto traders reacted this week hawkish signals from the Fed as well as fresh regulatory hints by the White House and the threat of an outright ban in Russia, the declines in Ether — the second-largest token — and in newer coins have outpaced Bitcoin’s fall. Over the past seven trading days, Bitcoin has shed around 20% of its value compared with nearly 30% for Ether. Solana’s SOL and DeFi-play Avalanche’s AVAX token have fallen nearly 38% each. And the wipeout in memecoins has been profound: Dogecoin is down 30% on the week while Shiba Inu is off 38%, according to CoinMarketCap.

Barring Solana and Polkadot, all other eight out of the top-10 digital tokens were trading with a positive bias during the early trade on Monday. Cardano, meanwhile, zoomed over 12 per cent to become the fifth largest token by market cap. The global crypto market cap was largely unchanged at $2.07 trillion compared to the last day. However, the total crypto market volume increased by 5 per cent to $64.30 billion.

Ethereum has sparked a rally in its biggest competitor, Solana, which has delivered a spectacular rally in the current calendar year. Often referred to as the Ethereum Killer by many analysts and experts, Solana has surged more than 17,500 per cent in 2021, making it the fourth largest cryptocurrency by market capitalisation.

Barring Shiba Inu, that slid for another day due to profit taking, nine out of the top-10 cryptocurrencies were trading higher at 10.30 hours IST. Solana and XRP were the biggest gainers, rising nearly 11 per cent each. The global crypto market cap jumped about 3 per cent, to $2.73 trillion mark compared to the last day. However, the total crypto market volume was largely flat at $129.42 billion.