ETH “Killer” Solana Surged 14% In 24 Hours: Price Analysis

The ETH “Killer” Solana surged 14% in the past 24hours and hit a price of $18.22 per token while continuing a stride that helped the token grow by about 30% in the week so let’s read more in our latest altcoin news today.

The crypto market is steady and in a recovery mode. Among the winners today is Solana’s SOL, considered the ETH “Killer” as it surged 14% overnight while landing a price of $18.22 per token. The recent surge could have been related to the news that some fresh capital hit Solana over the week in the form of a $40 million boost from Okex and MXC. Developed by a team of former Dropbox and Intel engineers, Solana was touted as a potential “Ethereum Killer” because of the fact that its blockchain has fewer fees and is able to process up to 50K transactions each second. Though Ethereum started a new phase of its 2.0 upgrade in 2020, it is still set at 14 TPS.

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SOL 24-hour Price Chart (Source: Coingecko)

Ethereum stagnated quite a bit today and grew less than one percent overnight but one coin is still worth $1707 which is 4% cheaper than it was over the weekend. BNB holders can enjoy an optimistic start to their day as well since the coin gained 5% in value and traded to a price of $271 which is still 20% below the ATH level of 343 but the price was tracking the one of BTC. Bitcoin grew by 2% in the past 24hours and reclaimed its $56K price tag but it set a new high of $61.7K a day ago. BTC’s price pulled back with a 10% drop that happened overnight while the US economy is recovering and the dollar gained value again. These two events could be related but Bitcoin’s worth as a store of value is not tied with global confidence in fiat currencies.

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SOL 7-day Price Chart (Source: coingecko)

Another big winner worth mentioning is THETA which is trading at $12.41 which records a 4.33% rise for the day and made up to 50% growth since the past weekend. In the top 20 crypto assets by market cap, Klatyn is performing well with a growth of $3.50 overnight and an 8% increase to its value. The markets can be described as patchy with the current global market cap of $1.76 trillion remaining for the time being.