The record hunt on the crypto market took an abrupt setback this week. Starting from the multi-month or even all-time highs at the beginning of the week, most cryptocurrencies went down one floor again from Tuesday. Most of the top coins got a minus on a weekly basis, but one stands out positively even in this environment.
Bitcoin minus 9.0 percent, Ethereum minus 15.4 percent, Cardano even minus 18.9 percent – in the top 10 according to the market cap, all coins had to give up a lot on a weekly basis. All but one: Solana shines even in the negative market environment and is up almost 3 around 25 percent in seven days.
With a minus of around eleven percent on a 24-hour basis, the top winner loses above average before the weekend. The short-term setback can hardly dampen the bullish medium-term performance. Within four weeks, the price has risen by around 400 percent and just the day before it hit a new all-time high at $ 214.96.
If it works, then it works
A positive side effect: With a market cap of currently around 52 billion dollars, the coin has now moved up to rank 6 of the largest and most important cryptocurrencies in the world. This prominence is likely to play into the cards of the crypto currency in the future and the course will have further impulses.
So did the big US finance portal this week CNBC reported on the rapid rise of the digital currency. “Solana’s rise was meteoric, even by crypto standards,” said industry insider Antoni Trenchev in the article.
The almost two-year-old crypto project did not have any problems finding support before: In a financing round in June, Solana raised $ 314 million – including from the well-known venture capitalist Andreessen Horowitz and the crypto hedge fund Polychain Capital.
334 percent plus since the custody account was taken up
Solana has been represented in the SHAREHOLDER Bitcoin Report model portfolio since the end of April 2021, when the TSI system gave the signal to enter in view of the building momentum. Since then, the coin has grown a whopping 334 percent – and is thus on the verge of overtaking Bitcoin as the previous top performer among the ten portfolio values. In the TSI ranking list, the coin is already at the top.
Photo: Börsenmedien AG
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments referred to in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin, Ethereum.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.