On Wednesday night, major coins traded higher as the global cryptocurrency market cap increased 2.58 percent to $2.18 trillion.
Over the last 24 hours, Ethereum (CRYPTO: ETH) has risen 5% to $3,585.90. ETH is up 3.14 percent in the previous seven days. Dogecoin (CRYPTO: DOGE) traded 2.37 percent higher at $0.245 in the last 24 hours. Now it is down 3.05 percent for the week.
Ren (CRYPTO: REN) was the biggest gainer in the last 24 hours, rising 27.26 percent to $1.05. Over the previous seven days, the coin has increased by 58.71 percent.
The cryptocurrency that was tied to an open protocol to foster interoperability and liquidity between blockchain platforms increased 27.28 percent and 23.36 percent against BTC and ETH.
Horizon (CRYPTO: ZEN), Fantom (CRYPTO: FTM), and SushiSwap were other significant gainers in the last 24 hours (CRYPTO: SUSHI). During the period, ZEN increased by 28.05 percent to $109.42. FTM increased by 18.59 percent to $1.43, and SUSHI increased by 16.86 percent to $15.07. On-chain analytical business Cryptoquant claimed in a blog post that a low SSR number indicates stablecoins have more purchasing power against BTC. These coins can be used to buy BTC as well as altcoins.
Meanwhile, the Solana (CRYPTO: SOL) team announced in an email that its validator community has successfully relaunched its Mainnet Beta following an upgrade to 1.6.25.
Due to a network failure, Solana’s (cryptocurrency had substantial sell-offs on Tuesday, but it is bouncing back in Wednesday trade. The price of one SOL token was up roughly 6% for the day.
Solana’s Cryptocurrency Is Gaining
The Solana blockchain network went down on Tuesday owing to heavy transaction volume. However, the team was able to restore service swiftly, and the price of its crypto token recovered. It also appears that investors are ignoring future tax and regulatory developments that could impact the broader crypto market. Top cryptocurrencies were under pressure early this week as Democrats in the House of Representatives proposed tax amendments that would require the IRS to recognize crypto tokens as securities rather than property. This would imply that cryptocurrencies will be subject to wash-sale laws, thereby closing a loophole that has permitted traders to participate in short-term transactions while still classifying losses as tax-deductible events.
This was followed by remarks from SEC head Gary Gensler at a Senate hearing on Tuesday. He indicated that stablecoins, crypto loans, and staking services may soon fall under the regulatory authority. body’s
Solana’s blockchain network has seen rapid adoption for projects such as creating non-fungible tokens (NFTs) and decentralized finance initiatives such as trading platforms. The SOL token’s incredible price surge has propelled it to the seventh-largest cryptocurrency by market capitalization, with a market cap of over $46.7 billion.
Continued Solana acceptance could help drive the token higher. Still, investors should also consider SOL’s remarkable recent run and understand that it’s a high-risk trade. Even though there may still be significant upside.