After Tuesday’s massive sell-off, which led to the total cryptocurrency market cap losing almost $400 billion from its Septembers peak, the market is showing its resilience today with most major coins trading in the green zone. Bitcoin and Ethereum experienced relatively modest trading volumes as their prices stayed close to yesterday’s price values, at $46,000 and $3,500 respectively.
Over the last 24 hours, the cumulative market valuation has increased by 2.66% and grew to $2.15T at press time. Solana was the biggest benefactor of the rally among the top 30 largest cryptocurrencies by market cap value. Now the 6th largest crypto, Solana reached a new ATH above the $210 mark.
Solana tops the charts again, gaining 38% and reaching a new ATH of $213
Following Tuesday’s flash crash, Solana has not taken long to resume its rally. Although the crash did plunge the price of SOL to below the $140 mark, it has taken the crypto less than an hour of trading to recover its losses. Since yesterday, SOL has recorded a 38% price increase, which ultimately landed the value of SOL at $213.94, before retracing a bit to $208.74 at the time of this writing.
Raydium announces ‘Dropzone’, surges by more than 40%
Solana was not the only cryptocurrency that enjoyed more than a 30% growth in the last 24 hours. Raydium, Elrond eGold, Fantom, Mina Protocol, and IOStoken are also surging. Raydium is now only 2% away from its all-time high, which the crypto reached early in May. It is fair to assume that RAY is benefiting from the Solana rally, as Raydium is the first automated market maker (AMM) built on the SOL blockchain. Additionally, the decentralized finance (DeFi) protocol announced a new approach to non-fungible token (NFT) launches, named DropZone.
DropZone will serve as a launching platform for Solana NFT projects that have garnered the most interest from investors. A complex system of smart contracts will ensure seamless distribution of NFT collections. By using the new method for launching NFTs, Raydium hopes to improve the currently most widespread model of NFT drops, which is basically operates on a “first come, first served” basis.
