Solana Rallies as Entire Crypto Market Sees Green This Week
After a brutal 2022, all the major cryptocurrencies are in green in the first week of 2023. Moreover, none of the top 20 cryptos by market capitalization recorded massive losses in the past seven days.
The top two digital assets, Ethereum and bitcoin, saw a modest increase throughout the week. Over the past seven days, data from CoinMarketCap shows that ETH surged by 5% while BTC by 3%. At the time of publishing, Ethereum and Bitcoin are trading at $1261 and $16,919, respectively.
However, Solana led the two assets following a major recovery rally. SOL recorded the most percentage increase among the top 20 coins as it rose by 33% over the past seven days. The digital asset’s rally began with a 12% pump on Monday.
The surprise rally comes after Solana had been plunging since the downfall of the crypto exchange FTX in November last year. The asset was significantly affected because Sam Bankman-Fried, the then-CEO of the exchange, was an advocate of the Solana ecosystem and a leading investor.
Bonk Boosts Solana Price
On Tuesday, Solana recorded a further 17% increase in price after Bonk, a Solana-based Dogecoin competitor, went up by over 1,000%. The new meme coin was airdropped to NFT holders, creators, and developers at the end of December 2022.
Metaverse tokens Axie Infinity and Ape Coin also surged over the past seven days. Axie Infinity increased by 19% to reach $7.06, while Ape Coin went up by 13% to hit $4.03. Elsewhere, Litecoin and Cardano both increased by 12% this week.
At the time of publishing, Litecoin is trading at $76.02, while Cardano is worth $0.27. Also, Cosmos Hub almost matched the two coins’ pace after recording an 8.4% increase to hit $10.17. Furthermore, Ethereum Classic surged 29% over the week and is currently trading at $20.18, as per CoinMarketCap.
US Agencies Warn Banks Against Crypto Market Volatility
That said, the Federal Reserves, alongside two other United States regulators, released a joint statement on Tuesday cautioning banks against the significant vulnerabilities and volatility witnessed last year.
The statement noted that the three government bodies believe that a bank holding or issuing digital assets transferred or stored on an open and decentralized network is very likely to contradict safe banking practices.
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