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- The sixth largest cryptocurrency by market cap, Solana (SOL-USD), climbs to new all-time highs as a majority of tokens representing layer 1 blockchains followed bitcoin (BTC-USD), which also reached new-all time highs last week, CoinDesk reports.
- Keep in mind a layer 1 blockchain is a set of solutions that improve the base protocol itself to make the system more scalable.
- Earlier on Monday, Solana (SOL-USD) reached as high as $218.47 with a market cap of over $60B, now changing hands at $211.57, according to data from CoinMarketCap.
- "SOL was a top performer over the last few months... [It's] only natural for it to perform well during the next leg of the bull cycle," Aswath Balakrishnan, researcher at Delphi Digital, told CoinDesk. "Crypto runs on memetics... So what performs well during uptrends is what everyone is looking to buy."
- CoinDesk also notes the majority of the trades have taken place on popular exchanges including Binance and Coinbase (NASDAQ:COIN).
- Previously, (Oct. 21) Ethereum, Cardano and Solana climb as bitcoin holds on to gains.