Coin of the Week: Solana Rises as Crypto Market Sees 2023 Start Green

In the first week of the new year, after the brutality of 2022, all major cryptocurrencies are in blue. None of the top 20 cryptocurrencies recorded significant losses this week.

Bitcoin (BTC) and Ethereum (ETH) both maintain modest gains throughout the week According to data from CoinMarketCap, they are up 2% and 5% respectively over the past seven days.Bitcoin It is currently trading at $16,922. Ethereum around $1,263 at the time of writing.

But the two market leaders are trailing an explosive recovery rally in Solana (SOL), which has risen 32% over the past week.

Solana’s rally started Monday with an 11% gain.A surprise rebound came later SOL has been in free fall since FTX’s catastrophic collapse in November. The exchange and its founder, Sam Bankman-Fried, was a major investor and booster of the Solana ecosystem.

Solana soars further 16% in 24 hours On Tuesday, a Solana-based Dogecoin rival named BONK was airdropped to creators, developers, and NFT holders. BONK has risen 43% of his since then.

Metaverse Tokens Ape Coin (APE) and Axie Infinity (AXS) also maintained their interests from the beginning of that week. APE rose 12% to reach $4.04 and AXS rose 18% to $7.06.

Cardano (ADA) and Litecoin (LTC) are both up over 11% this week. ADA is 27 cents and Litecoin is $76. Cosmos Hub (ATOM) followed almost the same pace, rising 8.5% to $10.16. Ethereum Classic (ETC) is up 30% this week, trading at $20.19.

Federal Reserve and two other US regulators on Tuesday as the impact from FTX continues statement It warns banks of “significant volatility and vulnerability over the past year.”

The joint statement continues: A similar system would very likely conflict with safe and sound banking practices. ”