NFT Boom Powers Rally In Ether And Solana As Crypto Prices Hit Three-Month High

NFT Boom Powers Rally In Ether And Solana As Crypto Prices Hit Three-Month High
Andrew Rummer

over 2 years ago1 min

Cryptocurrency prices climbed on Friday, pushing the Bloomberg Galaxy Crypto Index to the highest level since May, as utility-based tokens like ether and Solana’s SOL led the advance. 

Friday’s gains were spread broadly across many tokens, with – as so often in crypto markets – no obvious trigger. But many commentators attributed the rally to increasing enthusiasm for non-fungible token (NFT) collectibles like CryptoPunks

That view was backed up by Friday’s price action, with tokens forming the base of NFT projects – like ether, SOL, and Cardano’s ADA – posting some of the biggest gains. Solana launched a high-profile NFT project on August 15th called Degenerate Ape Academy and its first NFT marketplace, Solsea, will go live today. 

You could argue these price moves are a sign of the crypto market moving away from pure financial speculation towards actual utility. As the chart above shows, ether – the most popular token on which to build crypto projects – is closing in on three-year high versus bitcoin – the OG cryptocurrency that has little use beyond storing value. SOL has also now overtaken dogecoin, another token with no practical use, to take the title of 7th-biggest crypto by market value. 



All the daily investing news and insights you need in one subscription.

Disclaimer: These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment advisor.

/3 Your free quarterly content is about to expire. Uncover the biggest trends and opportunities. Subscribe now for 50%. Cancel anytime.

© Finimize Ltd. 2023. 10328011. 280 Bishopsgate, London, EC2M 4AG