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- Tokens associated with Sam Bankman-Fried in great demand
- Solana or SOL has become the top-performing large coin
- FTX derivatives exchange becomes world’s fifth-biggest Bitcoin futures exchange
With Bitcoin and Ether surging more than 600% in the past year, crypto-investors have started paying attention to the following best options, the so-called alternative coins.
In great demand is any token associated with Sam Bankman-Fried, head of Alameda Research and the FTX derivatives exchange reports the Economic Times.
The Solana or SOL market value jumped by 40%
Economic Times reports that the Solana or SOL has become the top-performing large coin as per data released by CoinMarketCap.com. It constitutes a massive jump of 40%, and the market value of SOL has swelled to $11.6 billion.
Another decentralized derivatives exchange created by FTX, Serum market value has surged from$51 million to $494 million this year. Since December, the value of the FTT coin used on FTX jumped to $5 billion from $539 million.
Focus on arbitrage and other processes
Bankman-Fried, based in Hong Kong, first burst into prominence a couple of years ago when Alameda started regularly appearing among the top performers on the BitMex exchange. It soon grew to become one of the top crypto traders worldwide.
It focused on arbitrage and other processes and gained immensely from pricing discrepancies. Bankman-Fried also impacted the political scene and became the most prominent donor of Joe Biden during the presidential election.
The SOL token is used on the Solana blockchain. It is touted as the latest network to take on Ethereum in a race to become a new capital of decentralized finance. According to Nic Carter, co-founder of researcher Coin Metrics feels that Sam’s talent and entrepreneurship have made FTX a big success story.
FTX derivatives exchange was launched in 2019 and afford the holders of FTT token significant rebates on trades. With $14.7 billion in daily volume, it is the world’s fifth-biggest Bitcoin futures exchange, according to Skew.com.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
