Bitcoin Price Rises Again, Solana Price Still Not

Illustration. (Photo: Unsplash)

JAKARTA - Bitcoin and cryptocurrencies are having a big bang in 2021 with the combined crypto market exploding from under $1 trillion to around $3 trillion, with some predicting the market could grow even further.

The price of bitcoin soared to nearly $70,000 per bitcoin late last year before falling back to over $30,000. Ethereum and other major cryptocurrencies, including Binance's BNB, Solana, Cardano and XRP, experience similar volatility. Crypto prices have rebounded over the past week but remain highly volatile.

Now, banking giant Wells Fargo has predicted global crypto adoption could “soon to reach a hyper-inflection point”, even though this is still early in the evolution of cryptocurrency investment.

Recently, the price of Bitcoin has also increased along with other giant cryptocurrencies. According to data from CoinMarketCap, only Solana and Terra were slightly corrected this morning.

Meanwhile, Solana price weakened 0.68 percent to a price level of 114.35 US dollars/coin or equivalent to Rp. 1,646,640/coin (assuming an exchange rate of Rp. 14,400 per US dollar) and Terra fell 2.49 percent to 55.41 US dollars/coin or IDR 797,904.

Solana is a public open-source blockchain ecosystem that supports smart contracts, including non-fungible tokens (NFT) and various decentralized applications (dApps). The native of the Solana blockchain is the SOL token which provides network security through staking as well as a means to transfer value 1 day ago.

Solana is a proof-of-stake cryptocurrency with smart contract capabilities including DeFi dApps and NFT. Solana offers a theoretical throughput of 65,000 transactions per second at almost zero fees.

The explosion in the DeFi and NFT space has pushed the fees on Ethereum so high that crypto users are looking for other options like Solana.

Solana has been at the center of controversy in the crypto industry as skeptics claim its transaction speed is only possible because the chain has sacrificed decentralization.

Solana now boasts a theoretical peak capacity of 65,000 transactions per second and has become one of the most widely used blockchains today due to its speed and low transaction fees.