Altcoins Continue Increasing While BTC And ETH Tumble

The altcoins continue increasing and Terra, Solana, and Algorand are the first example to do so while ETH and BTC tumble down. Following the latest developments, we are taking a closer look at the price analysis in our altcoin news today.

As the global crypto markets lost 1.5% of their market cap overnight, a few of the largest cryptos also crashed but this weeks’ overnight slumps haven’t erased the overall gains made by Terra, algorand, and solana. Soalna increased by 27.56% from the past week and the holders are even enjoying a new increase of 2.13% in the value of the coin as It trades for $183.t his time last month, Solana reached $39.

Today’s performance is not really something new for Solana as ETH’s competitor wasn’t even in the top 10 cryptocurrencies by market cap. At the start of the month, Solana flipped DOGE and reached a seventh-place so by Tuesday it even flipped XRP for sixth place. Solana is not the only currency on a smart contract blockchain that saw a huge price movement since Algorand is up 5% today and 77% higher than a week ago as it trades for $2.15. Algorand was trading at $0.88 cents a month ago which means that the currency trebled in value over the period. Algorand announced that it had signed a cooperation agreement with the Latin American blockchain company Koibanx to develop the latest El Salvador blockchain infrastructure. Terra also weathered the slump as it now trades at $39 which is 5% higher than a day ago and 21.2% higher than this time a week ago.

Terra’s rally may be getting a little bolstered by the anticipation for certain network developments that were expected in the last quarter as Jose Maria Macedo who is a founding partner at Delphi Digital called these developments “Terra Autumn.” The most notable upgrade will be the deployment of the Columbus-5 mainnet this month as it was originally scheduled for a release on Thursday but the Terra team announced that it will be delayed for almost a month. Col-5 integrates with Cosmos’s Inter Blockchain Communication protocol to enable it to start interacting with other blockchains. Other perks include simplified stablecoin swapping, burning, and the opportunity to receive swap fees.

1/ Before we begin, it’s important to realise what Terra is

Terra’s product is often misunderstood as an L1

In reality, Terra’s only product is $UST. Everything else, including the L1, simply exists to help make $UST the most useful and decentralised form of money there is

— José Maria Macedo (@ZeMariaMacedo) September 8, 2021

As Altcoins continue increasing, the market leaders BTC and ETH have depreciated in value last week. BTC was down by 9.3% in a week to start trading at $45,600 while ETH got down 15.2% to trade at $3322.