Crypto update: Solana rises in a broadly positive market
By Jenni Reid
12:19, 27 August 2021
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?
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
Read more: Solana price prediction: is it a SOLid investment?
Related topics