CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Crypto update: Solana rises in a broadly positive market

By Jenni Reid

12:19, 27 August 2021

A hand holds up a representation of a Solana token
A representation of a Solana coin – Photo: Shutterstock

SOL, the cryptocurrency on the Solana blockchain, rose above $82 (£60) for the first time on Friday, taking its August gains so far to 134%.

Solana launched in March 2020 and traded under $5 until the start of this year when it began a price rally that, while volatile at points, accelerated this month.

Solana is a fast programmable blockchain that claims to be able to support 50,000 transactions per second.

Coins up

Overall, the crypto market was up by 0.8% over the past 24 hours at 14:40 BST (UTC+1). Cardano rose by more than 6% and Terra by almost 16%. Both have been strong performers during the month.

Bitcoin was trading at $47,160, broadly flat on the previous day but up 17% so far this month.

Ethereum, meanwhile, was up 1.42% on the previous day to $3,164.

What is your sentiment on SOL/USD?

214.6887
Bullish
or
Bearish
Vote to see Traders sentiment!

SOL/USD

214.69 Price
+0.280% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 2.2652

DOGE/USD

0.39 Price
+3.330% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

BTC/USD

89,740.70 Price
+1.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.69 Price
-5.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Crypto goes mainstream?

Investor interest in crypto assets continued unabated, though regulators continue to urge caution.

The UK’s Financial Conduct Authority refuses to regulate most firms advertising and selling investments in cryptoassets, saying on Wednesday that crypto exchange giant Binance was “not capable of being effectively supervised”.

Larry Pang, head of Business Development at internet of things firm IoTeX, noted: “This year we have seen household names like Visa, Facebook and SoftBank all building, adopting and investing in the cryptocurrency space in various ways,” helping, he believes, to legitimise the technology.

Jacob Hoffman, a consultant at the Bitcoin ATM service Pelicoin, also suggested cryptocurrencies had already entered the mainstream, saying: “Earlier this month PayPal relaxed its rules on crypto and will allow its UK customers to trade and hold Bitcoin, Litecoin, and other main cryptocurrencies in their accounts.”

Trade SOL to US Dollar - SOL/USD CFD

1m
5m
15m
30m
1H
4H
1D
1W

Read more: Solana price prediction: is it a SOLid investment?

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading