Cardano and Solana Surge 21% - Reentering Territory Not Seen Since November
Solana and Cardano Soar to New Heights
It's been a great start to the new year for two of the top cryptocurrencies. Solana and Cardano both shot up by over 21 percent late Sunday, according to data from CoinGecko, reaching levels not seen since November.
Solana's Remarkable Rebound
Solana, which is sometimes called an "Ethereum killer," got a major boost from BONK, jumping over 60% for the week. It's been a remarkable rebound for SOL, which plummeted more than 41% in the wake of the FTX collapse. At one point, Solana was down 94% from its all-time high of $259, recorded just one year prior.
Solana is a proof-of-stake (PoS) layer-1 blockchain network that allows developers to create decentralized finance applications (DeFi) and non-fungible tokens (NFTs). Last week's bump came as Solana developers launched a new, shiba inu-themed BONK coin, created to rival SHIB. While the launch party didn't last long, BONK still outperformed all major cryptocurrencies over the week, with a gain of over 3,000 percent.
Cardano's Recent Milestones
It's not entirely clear what has caused Cardano's price to spike this week. The blockchain's last major milestone was the implementation of its long-awaited Vasil fork in September. However, there has been some recent buzz around Cardano co-founder Charles Hoskinson.
Hoskinson's firm, Input Output HK, is preparing for the launch of the Lace wallet for Cardano. On Thursday, Hoskinson announced that his new Hoskinson Health & Wellness Clinic in Wyoming would accept ADA as payment. In June, Hoskinson announced the opening of Nessie's, a restaurant and whiskey lounge where ADA would also be accepted.
Crypto Prices Continue to Rise
The value of both Solana and Cardano may have spiked late Sunday, but they're not the only cryptocurrencies on the rise. Bitcoin has been steadily climbing since the start of the year, and Ethereum is not far behind.
It's clear that the crypto market is in a healthy state, and with more and more companies accepting cryptocurrencies as payment, it looks like crypto prices are only going to keep rising.
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