A key indicator, the supply of stablecoins (SSR), suggests that the price of Bitcoin may continue to rise
Major currencies were higher Wednesday night, with the global cryptocurrency market capitalization up 2.58% to $2.18 trillion.
What happened
bitcoin
It was up 1.45% at $47,925.11 in 24 hours. This week, BTC is up 3.87%.
Ethereum Ethereum
It surged 5% to $3,585.90 in 24 hours. During the 7-day tracking period, ETH gained 3.14%.
The cryptocurrency born as a joke, Dogecoin
After a 24-hour tracking period, it was trading up 2.37% at $0.245, down 3.05% for the week.
The currency that has benefited the most in 24 hours is Ren Ren
, rose an impressive 27.26% to $1.05. The coin has surged 58.71% in the past 7 days.
Cryptocurrencies linked to open protocols designed to facilitate interoperability and liquidity between blockchain platforms rose 27.28% and 23.36% against BTC and ETH, respectively.
Other cryptocurrencies that have particularly benefited during the 24-hour period are Horizen Zen
, Phantom FTM
and SushiSwap Sushi
.
During the period, ZEN surged 28.05% to $109.42, FTM gained 18.59% to $1.43 and SUSHI gained 16.86% to $15.07.
because it matters
A key indicator suggests that the price of Bitcoin may continue to rise. The stablecoin supply (SSR) of the top cryptocurrencies, which measure Bitcoin supply relative to the total stablecoin supply in BTC, is rising.
On-chain analytics firm Cryptoquant noted in a blog post that the lower SSR numbers indicate stablecoins have greater purchasing power than BTC. These coins are used to buy BTC and altcoins.
Cryptoquant data indicating SSR
According to Cryptoquant, the SSR has recently hit a support level and is slowly rising.
On the other hand, the team behind Solana Sun
In an emailed statement, their community of validators successfully restored their mainnet beta after updating to 1.6.25.
As reported by Solana, “DApps, block explorers, and supporting systems will be restored in the next few hours, when full functionality should be restored.”
Regarding what happened, Solana stated that their Mainnet Beta “recorded a significant increase in transaction load, up to 400,000 TPS. These transactions overwhelmed the transaction processing queue, and the lack of priority of critical network messages caused the network to start forking.”
The fork then resulted in “excessive memory consumption, causing some nodes to go offline. Engineers throughout the ecosystem attempted to stabilize the network, but were unsuccessful.”
After 24 hours of tracking, SOL was trading down 3.33% at $155.99. The coin has plunged 20.36% in the past 7 days, but has gained 138.41% in the past 30 days.
