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Solana and Cardano lead the top 10 cryptocurrency rebound
Today, the cryptocurrency market is gaining traction, with Solana (SOL) and Cardano (ADA) leading the resurgence among the top coins. This comes following heavy outflows that have seen Bitcoin and other crypto assets fall further into the woods. Total market capitalization now stands at $2.28 trillion, up 3.35% today. Before the price correction, the value exceeded $2.6 trillion with high institutional inflows.
Solana and Cardano, the community’s nicknamed ETH killers, have seen inflows over the past 24 hours as the broader gains momentum.
Meme coins and decentralized finance (DeFi) tokens also saw gains. As a leading blockchain in the smart contracts industry, Solana has an impact on DeFi activities and volumes.
Solana surpasses the main resources
Over the past two years, Solana has earned a reputation for outperforming top assets during a market recovery. Today, the SOL rose by 5.98%, completely eclipsing the weekly outflows. The weekly data now stands in the green zone, with the value of assets traded at $137.73. However, the 30-day numbers fell 17% showing signs of earlier losses.
Solana’s market capitalization rose to $63.5 billion, while daily trading volumes fell to $2.5 billion. SOL price fell past many resistance levels after bulls predicted a new price rally. The rebound could see the asset rise to recover lost levels. As of this writing, the total value locked on Solana is $4.25 billion, an increase of 6.44% in the last 24 hours for
DeFiLlama. DeFi volumes are also increasing as market activity resumes.
Cardano follows SOL
Cardano trades at $0.3932, gaining 4.5% inflows over the past 24 hours, erasing some of the previous losses. ADA’s weekly numbers increased by 3.2% bringing its market capitalization to $14 billion. Network upgrades remain one of the key asset drivers among current macroeconomic factors. While ADA’s long-term earnings have plummeted, institutional investors point to an interest rate cut as a bullish driver this year. Other crypto assets like Bitcoin (BTC) versus Ethereum (ETH) have seen gains.
Read also: Institutional Investors Are Abandoning Ethereum Products: What’s Happening?
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.