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As the price of cryptocurrency rises, what are Solana and Fantom?

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  • Two new cryptos are making waves, with Solana reaching an all-time high of $US30 billion ($A41 billion) in market capitalization
  • On Monday, the price of Solana increased by 12%, hitting $US103.72
  • Both of these relatively recent entrants are seen as strong contenders to ethereum, one of the most prominent cryptos, and bitcoin

Solana, a new coin, has reached an all-time high market value of $US30 billion ($A41 billion), while Fantom has surged in value to $US600 million ($A822 million). Both of these relatively recent entrants are seen as strong contenders to ethereum, one of the most prominent cryptos, and bitcoin. Solana prices increased by 12% on Monday, hitting $US103.72 ($A142.22), while fantom prices increased by 70% in only one day, reaching $US0.87 ($A1.19).

When did Solana and Fantom make their first appearance?

Solana is the world’s seventh-largest cryptocurrency, with a market cap of roughly $US30 billion ($A41 billion) and only 18 months old. Its price has climbed by 37% in the last week alone, and it has risen by a staggering 70% this year. In the previous 30 days, Fantom has increased by more than 340 percent. It may be on its way back to its all-time high price of $US0.94 ($A1.29), which it reached before the crypto market crisis in May. It went live in December 2019, but most of its essential features weren’t released until the end of 2018.

Who is the mastermind behind the cryptos?

Anatoly Yakovenko, a former Dropbox software engineer, is Solana’s most notable founder. One of his main goals was to provide the coin a proof of history feature, which allows it to track transactions and the amount of time that has elapsed between them, thereby increasing trust in the blockchain tale. In 2017, he assisted Solana in raising $US25 million in public and private investment rounds for the digital coin.

Ahn Byung Ik, a South Korean computer scientist with a track record of leading successful start-ups, created Fantom in early 2018. According to rumors, he is no longer engaged with cryptocurrency due to South Korea’s severe rules. Fantom was created with the purpose of creating crypto that would be ideal for smart cities, with a processing speed of 300,000 transactions per second.

What is the total number of coins in circulation?

Solana is set to release 489 million coins in total, with roughly 260 million already in circulation. However, 60% of these coins are held by the project’s founders and foundation, leaving only 38% for the community. Out of a total supply of 3.1 billion fantom coins, 2.5 billion are now in circulation.

Why are there such large price swings?

Prices have risen as a result of the utilization of smart contract blockchain technology and the projects it can host, as well as the fact that it provides bank-grade security. People can utilize the technology for decentralized finance and trade, loans, and digital collectibles like NFTs, among other things.

The rising popularity of NFTs, which are starting to gain the attention of celebrities, according to Jonas Luethy, a trader at London-based cryptocurrency broker GlobalBlock, was the impetus behind Solana’s increase. He said that NFT sales reached a new high of $US900 million ($A1.23 billion) in August. According to statistics, Fantom processes 200,000 daily transactions and has over 77,000 digital wallets.

What motivates Solana’s value?

In August alone, the value of Solana’s decentralized financing initiatives tripled, topping $US3 billion ($A4.1 billion) for the first time. The digital coin is also said to pose a threat to ethereum because its technology is more versatile, cheaper, and faster. It promises on its website that its technology can process 50,000 transactions per second.

According to crypto investment platform CoinShares, over the last week, Solana has received more than $US7 million ($A9.6 million) in net investment, compared to a loss of $US2.8 million ($A3.8 million) for bitcoin. Solana was the only cryptocurrency in the top ten that increased in value over the last 24 hours, according to experts.

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