Altcoins
Electroneum ETN Sees Significant Price Surge
Electroneum ETN attracts the attention of investors
It would seem that the crypto market has finally on the path of recovery once again. Nearly all cryptos are currently trading in the green, with Bitcoin (BTC) being only cents away from $6,700 mark. However, the true star of the show right now is Electroneum ETN, which has experienced quite a price surge in the past few days.
Back on September 5th, Electroneum news hit the media as the coin spiked up by over 25% during the one-day period. The previous week has seen another rise, this time by 23% against the dollar. The coin continues to rise even today, with its current price being $0.007599 after a 17.45% increase in the last 24 hours.
It has a market cap of over $60 million at the time of writing, and over half a million worth of this coin is being traded on various exchanges per day. The coin can be bought on Bitbns, Cryptopia, Cryptomate, and CoinBene, among others.
About Electroneum ETN
Electroneum news has brought this coin to attention to a lot of investors. However, the coin is definitely among the lesser-known ones, especially considering its position on the list. Electroneum currently takes up the rank of 93, which might change soon, considering the new changes.
It is a project that uses Proof-of-Work and the Cryptonight hashing algorithm. Its trading started last year, around November 3rd, and since then, the coin has developed a very supportive Reddit community.
Electroneum is currently available at numerous exchanges, although it cannot be purchased via the US dollar at the moment. As the coin becomes more interesting, this might change. For now, however, it can only be acquired through Bitcoin and Ethereum exchange deals.
Price predictions
The coin is currently seen by a lot of investors as a high-risk investment, but there are some price predictions that work in its favor. One of them claims that the coin will reach $0.44 by December of this year. While hard to imagine considering its current price of $0.007599, the crypto world has made even larger leaps in the past. All it takes is the right period and a decent bull run.
There are additional predictions for the future of the coin, some even claiming that it can hit $2.44 in the next five years. The opinions are, as always, quite different, depending on who is doing the predicting.
Is it a good investment?
Experienced investors can learn a lot about the coin by checking out its aspects, and Electroneum is no different. Now that Electroneum news has attracted attention to the coin, a lot of investors have seen that the coin is actually quite good.
It has a confident team, well-defined goals, as well as a strong community.
While it is not perfect, and it has a lot of technical challenges that it needs to tackle before joining the top of the list, the coin is certainly not bad. Anyone interested in it should certainly keep an eye on the coin, for in the right conditions, it could still rise beyond all expectations.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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