Altcoins Solana, Cardano, and ICP all saw large price increases in the recent 24 hours, as crypto markets grew by more than 4% to a global market capitalization of $2.3 trillion.
Solana gained 9.06 percent overnight, reaching a new all-time high of $90.83. The project promotes itself as a blockchain that is far more efficient than Ethereum. It presently hosts about 1,423 transactions per second compared to Ethereum’s meager 15, and each transaction costs a fraction of a cent compared to Ethereum’s exorbitant fees.
All week, Solana has set fresh all-time highs. The cryptocurrency increased by 23 percent alone on Thursday night. Solana has spent time among the top ten cryptocurrencies by market capitalization since mid-August. It has now dropped to eleventh place.
The revelation that digital asset manager Osprey Funds beat out industry heavyweight Grayscale to produce a Solana investment product may have aided Solana’s surge. On Tuesday, the Osprey Solana Trust registered with the Securities and Exchange Commission (SEC).
Cardano, the fourth-largest cryptocurrency by market cap, surged 8.36 percent overnight to $2.85.
This week, Cardano drew a lot of institutional interest. Nigel Green, CEO of asset management firm deVere Group, which manages $12 billion in assets, set a September price goal of $3 for Cardano, saying, “I’ve been positive on Cardano for a long time.”
Dfinity’s ICP token leads the field in terms of price growth. The blockchain project, which aspires to compete with the $370 billion cloud computing sector, soared 16.16 percent overnight to a record high of $66.37. After reaching an all-time high of $567 three days after its May 7 introduction this year, ICP plummeted to a low of $22.41 before beginning to recover.