Alongside the increase in value experienced by Bitcoin (BTC), there has also been a heightened level of interest in Altcoins used to power different blockchain networks.
Terra (LUNA) and Solana (SOL) Outperform the Competition
Terra (LUNA) and Solana (SOL) are leading charge in the ongoing market recovery of cryptocurrencies.
The LUNA token managed to rise in value to $90 after, in the last 24 hours alone, the token spiked by 21.82%.
The news comes after a nonprofit aiming to scale the Terra blockchain ecosystem raised $1 billion in a private token sale, thereby heightening interest in the Terra ecosystem in many cryptocurrency circles.
The one year price chart for Terra (LUNA) Source: Tradingview
The Solana saw an increase in the value of its token, SOL, to $99, which represents a 10% increase over the span of the last 24 hours.
The one year price chart for Solana (SOL) Source: Tradingview
Cardano (ADA), another prominent “Ethereum killer,” also saw a dramatic increase in its valuation. ADA surged to $0.97, which marks a 10% increase over the last 24 hours.
The one year price chart for Cardano (ADA) Source: Tradingview
On the Flipside
- Bitcoin is still the largest cryptocurrency token in terms of market capitalization, and the token asset recently managed to surpass the $44,000 price point once more, pushing some of the top Altcoins on the market to higher price points.
The one year price chart for Bitcoin (BTC). Source: Tradingview
Why You Should Care
The recent successes enjoyed by the wider market is an indication of the genuine interest in Altcoins among an increasing number of investers, and shows that Bitcoin is not the only token traders are interested in buying and holding.