Bitcoin Under $47K, Ether Spikes and Solana Reaches All Time High

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Created by TradeOr

3rd Party Analysis 01 Sep 2021

Key Takeaways

  • Bitcoin loses momentum on Tuesday, while ether rallies above $3,500
  • The Solana token reached an all-time high on Tuesday, surging almost 30% to $130 per coin

Bitcoin Slips While Ether Spikes

The world’s biggest cryptocurrency, Bitcoin, slipped on Tuesday and remained pressured early on Wednesday, while ether rose over 10% so far in the week to levels last seen in mid-May.

Bitcoin fell over 3% yesterday and ended the trading session near the $47,000 mark. The leading digital currency keeps trading in the area of $46,500 to $49,000, a range that has captured Bitcoin’s price since market participants briefly pushed the asset to levels above $50,000 per coin.

While Bitcoin bulls struggled to support the coin’s upside swing, the Ethereum blockchain’s native token, ether, surged to a Wednesday peak of $3,540, a three-month high for the second most valuable digital asset on the cryptocurrency board.

The higher demand for ether has enabled it to outperform Bitcoin both nearly on any time frame this year. As the month of September kicks in, Bitcoin was able to close its August performance with gains of about 14%. Ether’s return for August stands at 36%.

Solana Reaches All Time High

Since the start of the year, the original cryptocurrency has advanced about 60% to date. The second-largest coin has rallied over 360% as more market participants substituted Bitcoin’s first-mover advantage and its capped supply for a blockchain technology that can drive an innovation-dominated future.

With the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), the Ethereum network has harbored hundreds of innovative projects this year. As a result, many have chosen to bet on ether than bitcoin.

In the meantime, besides ether’s rise in the quiet trading environment this week, the fast-emerging Solana token hit a new all-time high above $130 on Tuesday, bringing its seven-day gains to nearly 60%. On Tuesday alone, the token spiked almost 30%.

The Solana token, SOL, hit the market about 18 months ago when it first traded at $0.22 per coin. Since then, the token has skyrocketed roughly 50,000% to current market price of about $130.

Solana’s support for smart contracts has enabled it to host the growing wave of NFT and DeFi projects. Other crypto platforms, such as Cardano, have also signaled they could dive into the buzz.

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