Solana Leads Top 10 Crypto Winners as Bitcoin and Ether Extend Gains
In the cryptocurrency market, Bitcoin continued to gain momentum during Thursday afternoon trading in Asia. Alongside Bitcoin, Ether and other top 10 non-stablecoin cryptocurrencies recorded positive movements, with Solana leading the way. Toncoin was the only token to experience a loss in the past 24 hours. This positive sentiment persisted despite the release of the U.S. consumer price index (CPI) data, which showed an increase in U.S. inflation for the month of August.
Bitcoin demonstrated a 1.78% rise to reach $26,364 within a 24-hour period up to 4 p.m. in Hong Kong, based on CoinMarketCap data. Over the past seven days, the world's largest cryptocurrency gained 2.37%.
Ether also saw a strengthening trend, with a 2.3% increase, reaching $1,623, although it experienced a 0.73% decline over the week.
Market analyst Samer Hasn from multi-asset brokerage firm XS.com noted that these positive sentiments emerged despite ongoing regulatory challenges in the United States, where regulatory bodies and crypto industry participants have been at odds.
One of the recent regulatory actions involved the Securities and Exchange Commission (SEC) imposing a $1 million fine on the creators of Stoner Cats 2 non-fungible tokens (NFTs) for offering and selling unregistered securities as NFTs. Stoner Cats 2 accepted the SEC's cease-and-desist order and agreed to the civil penalty.
Solana stood out as the top performer of the day, registering a 5.02% increase to reach $18.81. However, it faced a 3.86% decline over the week. Global payments giant Visa, in a recent research report, highlighted the attributes of the Solana blockchain, including high transaction throughput and scalability at low cost, making it a suitable candidate for payments and Visa's stablecoin settlement pilot. Visa announced a partnership with Solana on September 5 to expand its USDC stablecoin settlement pilot onto the Solana blockchain.
The total cryptocurrency market capitalization increased by 1.56% to reach $1.05 trillion, while market volume decreased by 12.87% to $27.96 billion.
In the realm of non-fungible tokens (NFTs), the Bored Ape Yacht Club (BAYC) dominated collections as its sales volume surged by 465.76% to reach $1.41 million within the past 24 hours. Ethereum-based BAYC has introduced the Made By Apes (MBA) Bodega, serving as the official directory for all valid and active MBA licenses.
Total NFT sales volume increased by 43.13% to $14.81 million over the past 24 hours, accompanied by a 5.93% rise in the number of buyers. Ethereum led the blockchain rankings with a 57.59% increase in sales volume, followed by Polygon and Mythos networks.
The cryptocurrency market experienced positive movements, with Solana leading the gainers, while the NFT space continued to see active trading, with Bored Ape Yacht Club leading the collections. These developments occurred despite ongoing regulatory challenges in the crypto sector, suggesting resilience within the market.