Solana, Luna and Algorand managed to climb high in a bearish week of the crypto market and bring hope to the investors.
In the early hours of September 7, 2021, the day El Salvador officially announced Bitcoin as a legal tender, the market had a tragic crash. Bitcoin fell from almost $52,000 to $43,000. Subsequently, a vast majority of altcoins had to suffer as well. For the past few days, Bitcoin and the majority of altcoins have been consolidating yet the overall outlook remains bearish.
The Solana, Luna and Algorand however, managed to remain bullish and even reach all-time highs.
Solana Reaches ATH at $190
Solana has been on a roll lately, skyrocketing from $25 to $180 in less than 7 weeks. With an astonishing 405% growth in 3 months, It has managed to reach #6 in the ranks. We did extensively introduce the Solana network and the reason for this profound success in a recent article. However, to give you the gist of it, The Solana network is a next-gen DeFi infrastructure that serves as a great alternative for Ethereum. It significantly cuts down on gas and transaction fees. In that regard, they have managed to attract quite a bit of institutional investors.
Furthermore, the Solana network has proven to be a hotspot for the NFTs and they have recently opened their own NFT marketplace Solsea.
All in all, the Solana chart is defying the laws of gravity in a week when altcoins are struggling.
Luna Reaches ATH at $41
Less than two weeks ago, we reported on the amazing success Luna had flying up to $35. Today, despite the bear market, Luna is at $41 with an eye-watering 653.50% growth in 3 months.
If you want to know more about Luna and the Terra network, you can read our article here. However, the Terra network is pretty much the same in function as the Solana. The terra network was developed as a blockchain network for payments through stablecoins. It was essentially built for the Asian e-commerce market and boy oh boy did Asian billionaires love it. The Terra network radically cuts down on transaction fees and as a results, service providers can save millions of dollars per year.
The Terra network is yet another fierce competitor for Ethereum and looks to have great potential for growth.
Algorand Reaches ATH at $2.14
Currently ranked as 17th cryptocurrency by market cap, Algorand has surged 86% this week and 139% this month according to CoinMarketCap.
As a blockchain for DeFi applications, Algorand announced an upcoming version of their asset management platform on Thursday. However, the bullish run seems to stem from a recent shoutout by a former Trump administration official Anthony Scaramucci on CNBC.
“There’s a lot of great stuff happening in this space… as more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because there’s actually great use cases for them.” Said the SkyBridge Capital founder.
The Recurring Pattern
Taking a look at some of the best-performing altcoins, we can see that most of them are blockchain networks for DeFi infrastructures that can be considered as alternatives for Ethereum. The high gas and transaction fees of the Ethereum network has investors and service providers looking for more efficient alternatives. In that regard, we should wait and see how Ethereum 2.0 will turn out. If it fails to make sufficient improvements, competitors might flip it pretty soon.
Where can I Buy Solana, Luna and Algorand?
Good news is that we will very soon have these three altcoins on Hi.exchange. Make sure you check our blog on a daily basis as well as on social media to stay up to date with our latest announcements, Opinion articles, news and technical analysis.