The first week of July began with exciting news for cryptocurrency investors who hold Solana while it is worrying for those holding Bitcoin. This is due to the fact that Solana has managed to recover from a sharp decline it suffered in recent months. SOL is currently priced at €130.65. Meanwhile, the numbers recording the valuation of the famous Bitcoin present a rather bleak picture. The trading view offered by the live chart on Coinbase reveals that BTC is far from its all-time high of €67,000 recorded in March this year, and currently priced at €55,590.00. Below, we reflect on the possible reasons for these market fluctuations to help our readers make informed decisions about which cryptocurrencies are worth keeping in their “wallets” or digital wallets.
Reasons for Solana’s Rise
Solana is currently known in the cryptocurrency world as a powerful blockchain, given the success it has enjoyed after recovering from a 40% drop in value earlier this year. Many attribute the rise in SOL’s price to the broader ecosystem in which this coin is embedded. Solana has invested considerably in filtering mechanisms that can keep offensive crypto memes away from the blockchain. The company has also invested in an NFT market and technological tools, such as connectivity to multiple websites and compression mechanisms that have made transactions more accessible, thus attracting a significant number of investors.
Reasons for Bitcoin’s Fall
Many investors have speculated about the reasons for Bitcoin’s weak performance this week. Some have noted that the loss of confidence led to a massive liquidation of “long contracts”, and the expectation of the return of more than 100,000 Bitcoins to investors who lost their funds until the resolution of the more than 10-year bankruptcy case involving the platform Mt. Gox.
Investment Opportunities this Week
Although the trajectory of BTC and SOL appears quite opposite this week, both cryptocurrencies have investment potential. The drop in BTC’s price may open a window of opportunity for those who were waiting for it to become more affordable, while the rise of SOL represents the potential for growth and recovery of crypto assets. Both cryptocurrencies are currently available for sale on the exchange Coinbase.
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