111 Interactions, 2 Today
Algorand, Terra, and Solana are still fighting for their lives.
Several of the top cryptocurrencies fell in value as global cryptocurrency markets lost 1.5 percent of their market capitalisation overnight. However, this week’s overnight drops have not wiped out the overall gains recorded by altcoins such as Solana, Terra, and Algorand.
Solana is up 27.56 percent over last week at this time. Holders are also benefiting from a 2.13 percent increase in the coin’s value overnight, as it now trades for $183. Solana was valued $39 at the end of last month.
Solana’s performance today is nothing new. Last month, the Ethereum rival was not even in the top ten cryptocurrencies in terms of market capitalisation. Solana swapped Dogecoin at the start of the month to move up to eighth place. It had swapped XRP for sixth place by Tuesday this week.
Solana isn’t the only currency on a smart contract blockchain that has experienced wild price fluctuations. Algorand is up 5% today and up 77 percent from previous week, trading for $2.15. Algorand was trading at $0.88 cents only a month ago, implying that the currency’s value had more than tripled in that time.
On August 31, Algorand announced a collaboration deal with Latin American blockchain financial business Koibanx to build El Salvador’s blockchain infrastructure on the Algorand network.
Terra has also fared nicely in today’s collapse. It is currently trading at $39, up 5% from yesterday and 21.2 percent from this time last week.
Terra’s surge may be helped by expectations for specific network developments in Q4. These trends are dubbed “Terra Autumn” by José Maria Macedo, a founding partner at research firm Delphi Digital.
The most notable upgrade will be the deployment of the Columbus-5 mainnet this month. Col-5 was originally scheduled for release on Thursday, but the Terra team has announced that it will be delayed by about three weeks.
Terra may interact with other blockchains thanks to Col-5’s integration with Cosmos’ Inter Blockchain Communication protocol. Other benefits include simpler stablecoin switching and burning, as well as the potential for LUNA stakeholders to collect swap fees.
This week, the two market leaders, Bitcoin and Ethereum, have seen severe depreciation in value. Bitcoin has fallen 9.3 percent in seven days to $45,600, while Ethereum has fallen 15.2 percent to $3,322.