Solana gains another 20 percent, more than quadruple in 4 weeks; El Salvador is buying 400 BTC

Solana don’t know when to stop – and another Sam Bankman Fried token, FTT, also reached new heights.

Sol traded at an all-time high of $ 172 this morning, up 20 percent from yesterday and just $ 39 four weeks ago.

I bought $ 8 sol a month ago, under $ 30 πŸ‘πŸ‘ … should have bought more πŸ˜‚πŸ˜‚

– Crypto Incognito (@crypto_toon) September 6, 2021

Thank you #Solana
From 3.96% of the portfolio to 10.95% without adding a single cent.
Follow my watchlist with @ CoinMarketCap.https: //t.co/73VXWIBqML pic.twitter.com/7kZI26Im3S

– hmwCrypto (@hmwCrypto) September 7, 2021

Solana, the No. 6 coin, is still viewed by many enthusiasts as being significantly undervalued compared to Cardano at No. 3.

$ SOL has smart contracts as a reminder.

They’re currently at $ 49 billion and growing by over 15% in the last 24 hours. #Solana #SolanaSummer

– Crypto Hotep (@CryptoHotep) September 7, 2021

Meanwhile, the FTT also rose 20 percent to a record $ 76, making the FTX exchange’s native coin the number 26 cryptocurrency.

The gains came after FTX unveiled a marketplace for its US-based clients to mint and trade NFTs, which have seen explosive growth this year.

In the ~ 8 hours since this option went live, over 1000 NFTs have been submitted for creation on https://t.co/edQRgsBpDG

– FTX – Built by dealers for dealers (@FTX_Official) September 6, 2021

Crypto market up 1.2%

Overall, the crypto market was $ 2.46 trillion, up 1.2 percent from yesterday.

Bitcoin was trading at $ 52,500, up 1.5 percent from yesterday as El Salvador’s “bitcoin law” goes into effect tonight (Australian time) and the Latin American country becomes the first country to adopt BTC as legal tender.

President Nayib Bukele announced on Twitter that El Salvador had bought 400 bitcoins (worth around $ 21 million) in two 200 BTC purchases. It was not clear if the land was done with the purchase.

The country plans to provide $ 30 in free BTC to all of its citizens to help boost its Bitcoin economy.

Microstrategy CEO Michael Saylor, whose company owns 108,992 BTC (valued at about $ 5.7 billion), tweeted that β€œevery cyber hornet I know plans to do BTC tomorrow in solidarity with the folks at #ElSalvador and to buy their leader @nayibbukele ”.

ether meanwhile, it was trading for $ 3,911, 0.4 percent less than yesterday.

FTT and Solana were the top winners in the top 100, followed by Mdex, Theta, phantom, ThorChain and Algorand, which had increased from 17 to 13 percent.

Fantom had hit an all-time high of $ 1.48 – up from around 50c in late August. The Ethereum compatible smart contract platform is now # 44 crypto.

Monochrome Asset Management founder and CEO Jeff Yew told Stockhead, “What we are seeing is a battle between a particular genre of crypto assets trying to figure out who will emerge as the dominant application layer.”

β€œDigital raw materials like Bitcoin have a different use case, a different ideology and a different audience than application layers like Ethereum, Solana or the Lighting Network. So I wouldn’t categorize them straight away. “

There is evidence of a decreasing price correlation between these assets and basic monetary layers like Bitcoin as the market gains a clearer understanding of these different categories of products in this space, “but it’s too early to say,” Yew said.

eCash, the cryptocurrency renamed from Bitcoin Cash ABC, was the worst performer in the top 100 with a decline of 11.3 percent, according to Coingecko.

Coingecko

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