After another of the crypto space’s now iconic “Healthy corrections”, the space is in a state of recovery, albeit an uneasy one. However, there are still winners in this space, one of them being Solana’s SOL token. This token saw an overnight surge of 14%, going up to $18.22 per token in price. This stands as one step in the token’s ongoing growth since last weekend, which saw the token grow by more than 30% in total.
Solana Vs Ethereum
One of the possible contributions to this price surge in Solana was news regarding the network seeing some fresh capital be injected into it this week. $40 million in total was contributed to the Solana Network through two key investors boosting it: The MXC and OKEx crypto exchanges.
It should be noted that Solana itself stands as the product of a development team consisting of former engineers at Dropbox and Intel, and has been praised as a potential “Ethereum Killer” thanks to its lesser fees and higher transaction processing power. Now, this is becoming a tad awkward since Ethereum started to do its phased 2.0 upgrade, having started last year. Even so, Ethereum is still stuck at 14 transactions per second (TPS), as opposed to Solana’s 50,000. Granted, Ethereum’s plans involve pushing that number up to 100,000 within just a few years.
Various Price Recoveries
Ethereum experienced a relatively stagnant period of price action when compared to Solana, growing less than one percent within the night. At the time of writing, one Ether is going for $1,749 a piece.
Another asset in its recovery phases is the BNB token. On Sunday, UTC, the Binance coin saw a 5% value gain at lunchtime. As it stands now, the asset is trading hands at $275. Even so, that’s a far cry from last month’s $343, but it seems that BNB is tracking Bitcoin’s price action closely.
Bitcoin Being Bitcoin
Bitcoin, in particular, saw a sizable gain within the past 24 hours, trading hands at around $57,310 at the time of writing. This is still just shy of its previous all-time high just two weeks ago of $61,700. These price actions just stand as a constant reminder to just how unstable cryptocurrencies can be once it starts teetering around.
Thursday last week was a particularly brutal time for a negative week in general when it comes to Bitcoin, going down by 10% within just one night. There are some arguments floating around that this could be due to the US economy strengthening and recovering, the USD recovering with it. It’s a plausible argument, as Bitcoin’s worth is directly tied to the global confidence within fiat currencies, among many other things.