Bitcoin, Ethereum, Dogecoin Rally And This Key Metric Indicates More Upside Possible

Major coins were trading higher on Wednesday night as the global cryptocurrency market cap rose 2.58% to $2.18 trillion.

What Happened: Bitcoin BTC/USD rose 1.45% to $47,925.11 over 24 hours. Over the week, BTC has appreciated 3.87%.

See Also: How To Buy Bitcoin (BTC)

Ethereum ETH/USD shot up 5% to $3,585.90 over 24 hours. On a seven-day trailing basis, ETH has risen 3.14%.

Meme cryptocurrency Dogecoin DOGE/USD traded 2.37% higher at $0.245 over 24 hours and has fallen 3.05% for the week.

The top gainer over 24-hours was Ren REN/USD, which rose 27.26% over 24 hours to $1.05. The coin has shot up 58.71% over the last seven days.

The cryptocurrency linked to an open protocol that aims to foster interoperability and liquidity between blockchain platforms rose 27.28% and 23.36% respectively against BTC and ETH.

Other notable gainers over 24-hours included Horizen ZEN/USD, Fantom FTM/USD, and SushiSwap SUSHI/USD.

ZEN soared 28.05% to $109.42, FTM rose 18.59% to $1.43 and SUSHI gained 16.86% to $15.07 in the period.

Why It Matters: A key metric indicates that Bitcoin may see further positive price movement. The apex cryptocurrency’s stable supply ratio, or SSR, a measure of Bitcoin’s supply relative to the total supply of stablecoins denoted in BTC is on the upswing. 

See Also: If You Invested $1,000 In Bitcoin When MicroStrategy First Bought It, Here's How Much You Would Have Now

On-chain analysis firm Cryptoquant said in a blog post that a low SSR number indicates stablecoins have more buying power against BTC. These coins are used to purchase both BTC and altcoins.

Data From Cryptoquant Indicating SSR

As per Cryptoquant, SSR recently tested the support and is slowly climbing up.

Meanwhile, the team behind Solana SOL/USD said in an emailed statement that its validator community has successfully restarted its Mainnet Beta after an upgrade to 1.6.25.

“Dapps, block explorers, and supporting systems will recover over the next several hours, at which point full functionality should be restored,” said Solana.

As for what went wrong, Solana said that its Mainnet Beta “encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and the lack of prioritization of network-critical messaging caused the network to start forking.”

Subsequently, the forking led to “excessive memory consumption, causing some nodes to go offline. Engineers across the ecosystem attempted to stabilize the network, but were unsuccessful.”

SOL traded 3.33% lower at $155.99 over 24 hours, the token has plunged 20.36% over last seven days but has still run up 138.41% over the past 30 days.

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