The value of both Solana and Cardano spiked by over 21 percent late Sunday, according to data from CoinGecko, both reentering territory not seen by either since November.

Cardano, the eighth-largest cryptocurrency by market cap, saw its price spike to $0.33—a price not seen since November 19. Meanwhile, Solana, which kicked off a remarkable run with an 11% jump in value on Monday, spiked again Sunday to $16.04, territory it hasn’t seen since Nov. 9, when it was partway through a collapse of more than 50% over the prior three days.

Solana saw the best first week of the year out of any top-2o coin, today clearing a 60% increase over seven days. It’s a remarkable rebound for SOL, which plummeted more than 41% in the wake of the FTX collapse. Once called an “Ethereum killer,” Solana was once a favorite of Sam Bankman-Fried.

The disgraced founder’s fall last fall took Solana with it, down 94% from its all-time high of $259 recorded just one year prior, according to CoinGecko.

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.

It’s hard to beat a gain of over 3,000 percent—though dealing in prices 10,000th of a cent helps.

Factors behind the rise of ADA this week are less clear. The blockchain’s last major milestone was the implementation of its long-awaited Vasil fork in September. Still, there has been some recent buzz around Cardano co-founder Charles Hoskinson.

Hoskinson’s firm, Input Output HK, is preparing for the pending launch of the Lace wallet for Cardano. And 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.

Source: Decrypt.co

The post Solana, Cardano Both Up 21% Late Sunday, Setting Monthly Highs appeared first on Crypto Breaking News.

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Filed under: News - @ January 9, 2023 3:17 am