Solana jumps 23.3%, Bitcoin gains over 2%
Top cryptocurrency prices today: Solana was the top gainer and rose 23.33% to $34.20. Similarly, XRP advanced by 4.0% to $1.37
World’s biggest and the oldest cryptocurrency Bitcoin gained 2.19% to $52,631.88-levels on Tuesday, while the second-largest virtual token, Ethereum advanced 0.23% to $3,913.51. Six out of the top 10 cryptocurrencies traded higher on September 7, with Tether USDT, Binance Coin, Cardano and Dogecoin being only laggards. Solana registered the highest gain of 23.33% to $173.74. Similarly, XRP advanced by 4.01% to $1.37.
Solana’s massive rise comes on the back of strong inflows from institutional investors as well as its fast adoption as a Non Fungible Token (NFT) platform that led to this rally.
Launched in April 2020 and in just a year and six months the token has rallied over by 18,000%. If an investment of Rs 1,000 in the token would have become Rs 1.81 lakh today.
Due to its ability to perform swift transactions at a super efficient price, the crypto is gaining rapid popularity. For just under $10, Solana can do up to a million transactions. On the other hand, Bitcoin and Ethereum costs more than $7-8 per transaction. Its development team is also proactively taking initiatives to enhance the ecosystem. According to experts it is also backed by some influential investors, driving its enormous research and development projects.
Cryptocurrency prices
*All prices as of 7th September 2021, at 9:40 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 72.36
NFL prohibits teams from trading in NFTs
The National Football League (NFL) temporarily barred all of its 32 teams divided between the National Football Conference (NFC) and American Football Conference (AFC) from selling Non Fungible Tokens (NFTs) and sponsorships to cryptocurrency trading firms.
The decision comes on the back of a considerable volume of cryptocurrency, blockchain and endorsements on NFTs done by various athletes and teams. For instance, Bitcoin.com reported that Tom Brady started his own NFT company Autograph and signed a long time partnership with FTX, a major digital currency exchange.