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October 5, 2022
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Solana and Avalanche lead rally across the market

As global cryptocurrency markets grew 2.5% overnight to reach a new total market capitalization of $2.48 trillion, two Ethereum rivals led the charge: Solana and Avalanche.

Solana grew 12.93% in the last 24 hours. currently, is trading at a price of $162.85 at the time this story was being edited. Solana is still just over $30 shy of his old record, set 10 days ago.

It was not an easy week for Solana. On Tuesday, there was a network-wide outage, which Solana CEO Anatoly Yakovenko attributed to a high volume of transactions caused by bots during an initial DEX (IDO) offering on the decentralized Raydium exchange.

The IDO in question was for the Grape Protocol, a popular toolkit for decentralized financial applications in Solana.

The next day, the outage dropped the Solana price by 13% to $145, but on the same day the network validators reset the network and the Solana price rebounded to $163.

Avalanche is another big engine today. AVAX exploded 16.9% overnight to hit a new price of $72.15, currently trading at $70.95.

The current bull market for Avalanche can be attributed to Thursday’s private token sale, which was led by Polychain Capital and Three Arrows Capital and managed to easily raise $230 million for the Avalanche ecosystem.

Meanwhile, things aren’t so exciting for market leaders Bitcoin and Ethereum. Bitcoin rose 2.4% to $48,729.

Ethereum is one of the slowest moving in the top twenty today, reaching a growth of 1.05% to reach $3,541.

Source: decrypt

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