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Major currencies were trading higher Wednesday night and the global cryptocurrency market capitalization rose 2.58% to $ 2.18 trillion.
What has happened
Bitcoin (CRYPTO: BTC) advanced 1.45% to $ 47,925.11 over the course of 24 hours. During the week, BTC has advanced 3.87%.
Ethereum (CRYPTO: ETH) soared 5% to $ 3,585.90 over the course of 24 hours. During a seven-day follow-up period, ETH has risen 3.14%.
The cryptocurrency that was born as a joke, Dogecoin (CRYPTO: DOGE) was trading 2.37% higher at $ 0.245 after a 24-hour tracking period and down 3.05% for the week.
The currency that benefited the most in the 24-hour period was Ren (CRYPTO: REN), which advanced an impressive 27.26% to $ 1.05. The coin has soared 58.71% in the last seven days.
The cryptocurrency linked to an open protocol that aims to promote interoperability and liquidity between platforms blockchain it was up 27.28% and 23.36% respectively against BTC and ETH.
Other cryptocurrencies that particularly benefited during the 24-hour period were Horizen (CRYPTO: ZEN), Fantom (CRYPTO: FTM) and SushiSwap (CRYPTO: SUSHI).
ZEN jumped 28.05% to $ 109.42, FTM was up 18.59% to $ 1.43 and SUSHI advanced 16.86% to $ 15.07 during the period.
Because it is important
A key metric indicates that the price of Bitcoin could continue to climb. The supply of stablecoins (SSR) of the apex cryptocurrency, which measures the supply of Bitcoin relative to the total supply of stablecoins in BTC, is on the rise.
On-chain analytics firm Cryptoquant noted in a blog post that a low SSR figure indicates that stablecoins they have more purchasing power than BTC. These coins are used to buy BTC and altcoins.
Cryptoquant data indicating SSR
According to Cryptoquant, the SSR recently touched a support level and is slowly rising.
On the other hand, the team behind Solarium (CRYPTO: SOL) stated in an emailed statement that its validator community has successfully restored its Mainnet Beta after an update to 1.6.25.
“DApps, block explorers and support systems will recover in the next few hours, at which point full functionality must be restored,” as Solana reported.
Regarding the problem that occurred, Solana said that its Mainnet Beta “registered a large increase in the transaction load that reached a maximum of 400,000 TPS. These transactions overflowed the transaction processing queue and the lack of prioritization of critical messages on the network caused the network to begin to fork. “
Subsequently, the fork caused “excessive memory consumption, causing some nodes to go offline. Engineers from across the ecosystem tried to stabilize the network, but were unsuccessful. “
SOL was trading 3.33% lower at $ 155.99 after a 24-hour tracking period. The token It has plummeted 20.36% in the last seven days, but is up 138.41% in the last 30 days.