Solana Hit ATH As Coin Increased 14% Over One Day

Solana hit ATH another time today following an increase of 14% over the past day and now it is trading above $157 as we are reading more in our latest altcoin news today.

The price of the cryptocurrency is now $157 and the 24-hour increase of 14.71% makes the coin the seventh biggest crypto with a market cap of $45.8 billion. The increase is 70,632% compared to the level from a year and a half ago when Solana was just launched and the market didn’t really see its worth yet. Solana was developed by former Qualcomm employees and promised plenty of innovation that lower transaction times, increase capacity and reduce costs to a fraction of a penny in a transaction.

Chief among these is the proof of history consensus algorithm which verified transactions by using cryptographic clocks to deduce whether someone is able to fund them. Solana’s rise came at a time when the market is desperate for the smart-contract enabled blockchain which offers high throughput at a low cost. Ethereum as its main competitor is fit to burst which is an upgrade that is taking a long time and transactions can really cost hundreds of bucks.

Solana’s latest ATH coincided with the launch of an NFT marketplace on fTX which allows people to trade the NFTs across Solana and Ethereum. The marketplace grabbed some headlines again after customers spammed submissions of NFT fish and FTX even introduced a fee for teh NFT submission. Although people are not able to withdraw the NFTs mined on the FTX new marketplace, the premise of minting NFTs for low amounts of money on major exchanges that support Solana’s ecosystem could have turned new investors onto the crypto.

The rest of the market supported Solana’s rise today and BTC increased to $51,908 hours before El Salvador adopted it as a national currency and ETH nears the $4000 as the NFT market continues to grow. Solana hit ATH while we saw over the past few weeks that its performance was only getting stronger.