Despite the dullness of the crypto market, some cryptocurrencies skyrocketed this week. 🚀 🚀
This week’s biggest gainer, Algorand ($ALGO.X), entered the top 20 cryptos in dramatic fashion. It has more than doubled in the last seven days, but still sits below its all-time high of $3.28.
Why is $ALGO.X surging? 💭 Recently, El Salvador permitted Bitcoin as legal tender. For better widespread crypto implementation, El Salvador partnered with leading crypto firm Koibanx to create a wallet product for its citizens. This wallet will be developed using the Algorand blockchain as a piece of core infrastructure. The news acted as a catalyst for $ALGO.X, and it soared. ✈️ ✈️
Algorand was joined by another usual suspect: Solana ($SOL.X). The crypto booked an all-time high after crossing the $210 mark this week. Solana has surged 383% over the past 30 days, according to CoinGecko. Since the start of the month, it has surpassed the market caps of $DOGE.X and $XRP.X. Today, $SOL.X is the 5th largest crypto ex-stablecoins, sitting north of a $55 billion valuation. 😍
The ongoing NFT hype on Solana has helped accelerate its price momentum. The blockchain’s big entry into the world of NFTs was boosted by the launch of the Degenerate Apes. On Monday, FTX.US’s NFT marketplace went live, enabling users to mint, buy and sell NFTs — all traded cross-chain on the Ethereum and Solana blockchains.
There are dozens of other tokens that remain unaffected by the hustle and bustle of the crypto market. For instance, Cosmos ($ATOM.X) is up by ~30%, and Harmony ($ONE.X) soared 33% in the past 24 hours. Wanna give them a try?? 🤑