Bitcoin, Ethereum, Dogecoin Take A Breather But Solana Can't Stop Chasing New All-Time Highs
The rally in major cryptocurrencies took a pause on Monday night as the global cryptocurrency market cap fell 3.12% to $2.03 trillion.
What Happened: Bitcoin (CRYPTO: BTC) traded 3.25% lower at $46,909.58 over 24 hours. The apex cryptocurrency has fallen 4.43% for the week.
The second-largest coin by market cap, Ethereum (CRYPTO: ETH), traded 0.6% higher over 24 hours at $3,214.57. Over the week, ETH is down 2.58%.
See Also: How To Buy Ethereum (ETH)
Meme cryptocurrency, Dogecoin (CRYPTO: DOGE), traded 2.2% lower at $0.27 over 24 hours and has declined 13.21% over a seven-day period.
Solana (CRYPTO: SOL) was among the top gainers on Monday and rose 17.5% over 24 hours to $112.52. The Ethereum-killer has shot up 50.44% over the last seven days.
Solana’s 30-day gains now stand at 209.07% and year-to-date appreciation is 5,929.99%.
The largest 24 hours gains were seen in CELO (CRYPTO: CELO), which jumped 63.49% to $6.78 in the period. CELO has risen 118.08% for the week.
The coin of a project aimed at fostering cryptocurrency adoption rose 69.93% and 64.13% against BTC and ETH, respectively.
Other notable gainers over 24 hours included Arweave (CRYPTO: AR), Fantom (CRYPTO: FTM), and Harmony (CRYPTO: ONE).
AR soared 43.52% to $61.22, FTM gained 38.89% to $0.84 and ONE was up 18.14% to $0.12 in the period.
Why It Matters: Solana has emerged as the eighth largest cryptocurrency by market cap, with the token crossing the $100 mark on Monday.
SOL touched an all-time high of $116.85 on Monday. The total value locked or TVL in Solana is now touching $3.21 billion, as per Defi Llama. On August 1, this figure stood at $1.22 billion — this represents a gain of 163.11% since the month began.
As per BlockcChainCenter.net, in the last 30 days, 75% of the top 50 coins have performed better than Bitcoin, which means it is an "altcoin month."
Even so, Bitcoin bulls remain in control as per Bitpanda’s chief trading officer Lukas Enzersdorfer-Konrad.
“The markets are back above a market cap of €1.8 trillion as most of the cryptocurrencies in the top 10 by market cap rallied over the weekend,” Enzersdorfer-Konrad wrote in an email.
“The bulls are still in control. Fundamental factors have also improved in recent weeks as the hash rate has now recovered to early June’s levels, indicating that miners are coming back online after China shut down its activities.”
On-chain analytics firm Glassnode noted that Bitcoin is currently “sitting at the top end of a strong on-chain support zone.”
#Bitcoin price is currently sitting at the top end of a strong on-chain support zone.
Over 1.65M $BTC now have an on-chain cost basis within the $45k to $50k range
The green zone below, at $31k to $40k, is also home to another 2.98M $BTC, indicative of large accumulation demand pic.twitter.com/P5W3zlvrSU
— glassnode (@glassnode) August 30, 2021
Glassnode said the Bitcoin market has entered a price consolidation this week and is holding on to “impressive gains” since the bottom set in late July.
“Profits have continued to be realized throughout August as prices continued to trade higher. This suggests an underlying market strength, capable of absorbing this spent coin supply,” said the firm in its latest newsletter.
Read Next: Elon Musk Says 'Important' That Dogecoin Update Finds More Nodes In Preparation For Fee Reduction
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