Ethereum ETH/USD charted record-outperformance against Bitcoin BTC/USD recently, but Polygon MATIC/USD and Solana SOL/USD are writing the beyond-ETH story.
What’s Moving? MATIC traded 9.3% higher over 24 hours to $2.08. The layer-2 ETH-based token has shot up 15.8% over a seven-day trailing basis.
MATIC rose 10.88% and 15.07% against BTC and ETH respectively over 24 hours.
Since the year began, MATIC has skyrocketed a whopping 11553.13%. In the last 90 days, it has gained 42.9%, while in the last 30 days it has risen 10.72%.
SOL rose 4.42% to $225.26 over 24 hours. Over the week, the coin of a project that says it operates the fastest blockchain in the world has risen 7.58%.
Against BTC and ETH, SOL rose 6.25% and 10.27% respectively over a 24-hour period.
On a year-to-date basis, SOL has risen an eye-popping 12115.69%. In the last 30 days, SOL gained 10%, while in the last 90 days it has appreciated 61.17%.
See Also: How To Buy Solana (SOL)
Why Is It Moving? Polygon and Solana projects have gained ground this year, thanks to a mix of factors such as the rise of non fungible tokens, the surging popularity of decentralized finance or DeFi, and the fact that Ethereum’s transaction fee has risen manifold.
Both MATIC and SOL gained ground even as major cryptocurrencies retreated as the global cryptocurrency market cap fell 2.67% to $2.58 trillion.
SOL and MATIC were among the most mentioned coins on Twitter at press time, as per Cointrendz data.
SOL was the second most mentioned coin with 884 tweets. MATIC attracted 459 tweets and was the fourth most mentioned coin.
MATIC also attracted high interest from retail traders and was the second-most trending name on Stocktwits’ list of trending tickers. It also trended on CoinMarketCap and CoinGecko price-tracking websites.
MATIC saw strong gains Wednesday after cryptocurrency exchange-traded product issuer 21Shares listed Europe’s first product linked to the performance of MATIC on Euronext exchanges in Paris and Amsterdam.
On Tuesday, Grayscale Investments which operates the Grayscale Bitcoin Trust GBTC launched a Solana fund with $9.5 million worth of assets under management.
More buyers have been pushing into Solana and buying pressure in the cryptocurrency outweighs selling pressure, wrote Benzinga’s Tyler Bundy based on the Relative Strength Index of 54.
Read Next: Solana Labs Co-Founder Says Ethereum Cannot Be Killed
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
