Bitcoin, Ethereum, Dogecoin rallies and this key metric suggest more possible upside potential

Major coins traded higher on Wednesday night as global cryptocurrency market capitalization jumped 2.58% to $ 2.18 trillion.

What happened: Bitcoin (CRYPTO: BTC) rose 1.45% to $ 47,925.11 in 24 hours. Over the course of the week, BTC gained 3.87% in value.

See also: How To Buy Bitcoin (BTC)

ether (CRYPTO: ETH) shot up 5% to $ 3,585.90 in 24 hours. On a seven-day trailing basis, ETH is up 3.14%.

Meme cryptocurrency Dogecoin (CRYPTO: DOGE) traded 2.37% to $ 0.245 over 24 hours and is down 3.05% over the course of the week.

The top gainer over 24 hours was Reindeer (CRYPTO: REN) which is up 27.26% to $ 1.05 in 24 hours. The coin has soared 58.71% in the past seven days.

The cryptocurrency, which is tied to an open protocol designed to promote interoperability and liquidity between blockchain platforms, rose 27.28% and 23.36%, respectively, versus BTC and ETH.

Other notable winners over 24 hours included horizon (CRYPTO: ZEN), phantom (CRYPTO: FTM) and SushiSwap (CRYPTO: SUSHI).

ZEN rose 28.05% to $ 109.42, FTM rose 18.59% to $ 1.43, and SUSHI rose 16.86% to $ 15.07 during the reporting period.

Why it matters: An important metric indicates that Bitcoin could see further positive price movements. The stable supply ratio of the Apex cryptocurrency, or SSR, a measure of the supply of Bitcoin in relation to the total supply of stablecoins in BTC, is on the upswing.

See Also: If you invested $ 1,000 in Bitcoin when MicroStrategy first bought it, here’s how much you would have by now

On-chain analytics firm Cryptoquant said in a blog post that a low SSR number suggests that stablecoins have more purchasing power over BTC. These coins are used to buy both BTC and altcoins.

Data from Cryptoquant showing SSR

According to Cryptoquant, SSR recently tested the support and is slowly rising.

Meanwhile the team behind it Solana (CRYPTO: SOL) said in a statement emailed that the Validator community has successfully restarted their mainnet beta after upgrading to 1.6.25.

“Dapps, block explorers and supporting systems will recover in the next few hours, then full functionality should be restored,” said Solana.

What went wrong, Solana said its mainnet beta “saw a sharp surge in transaction load, peaking at 400,000 TPS. These transactions flooded the transaction processing queue, and the failure to prioritize network-critical messages caused the network to begin forking. “

Subsequently, forking resulted in “excessive memory consumption, which resulted in some nodes going offline. Engineers across the ecosystem tried to stabilize the network, but were unsuccessful. “

SOL traded 3.33% lower at $ 155.99 over 24 hours, the token is down 20.36% in the past seven days but is still up 138.41% in the past 30 days.

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