During the day of mostly negative market moves, Solana (SOL) and Fantom (FTM) defy the trend and lead the chart of the top daily gainers among the 100 largest cryptocurrencies by market capitalization. Bitcoin came within striking distance of breaching the $53,000 resistance level, before retracing back to $50,780 at the time of this writing. BTC dominance continues to slip and is currently at 41.2%, which is a clear sign that Ethereum and other altcoins are gaining steam.
“Solana Summer” continues, SOL reaches a new ATH
Solana continues to impress. One of the hottest crypto projects of 2021 is now up more than 118x for the year and shows no signs of slowing down. During the past three weeks, Solana has repeatedly managed to post new all-time highs and today was more of the same. In the span of 18 hours, the price of SOL increased by roughly 40%, from $139 to the new ATH of just above $194, before dropping to $180 at press time.
Solana has clearly benefited from the popularity of non-fungible tokens (NFTs). The sale of Degenerate Apes in August, which saw the whole collection being sold in under 8 minutes and the priciest item reaching $6 million, shows just how much interest for NFTs there is in the market. Recently, the Ignition event marketing campaign managed to garner a massive amount of interest for the project and pushed the price of SOL far beyond $100 for the first time.
Price of Fantom more than tripled since the late August rally commenced
Looking at the 1-month chart of Fantom, we can clearly see that FTM was trading mostly sideways in August, before a massive rally started on August 29, which saw the price grew from $0.518 to a new ATH of $1.74 in the span of eight days. Since the top price point, Fantom has slipped to $1.59 at the time of this writing.
Fantom is another crypto project belonging to the growing list of so-called “Ethereum killers”. Fantom platform is designed to provide low transactions costs and high scalability. The network uses proof-of-stake (PoS) and Asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism. Staking FTM ensures the platform’s security and seamless operation of the network and in return earns FTM token rewards for stakers.
