Altcoins Terra, Arweave, Tezos and Solana Rise

Altcoins are on the rise again. Especially the prices of Tezos, Terra, Arweave and Solana have skyrocketed today.

Rise of the altcoins

Tezos is up 15% in the last 24 hours to a price of $8.73, Terra is up 19% to $43, Arweave is up 9% to $56 and Solana is up 6% to $171. The rise of the altcoins has ensured that the entire crypto market is 2.2% higher today than 24 hours ago.

Tezos (XTZ), a proof-of-stake blockchain network, even hit a new all-time high of $8.83 this morning. The rise started on Wednesday, when XTZ was still worth just $5.51. This month, Tezos reached 5.8 million contract calls, breaking last month’s record of 3.2 million.

Tezos 4-hour chart – Source: Tradingview

Terra (LUNA), a blockchain network that powers an algorithmic stablecoin, is up 15.69% in one day and 20.35% in this week. On Thursday, Terra launched a network upgrade called Columbus-5. The upgrade stopped porting burned LUNA to community pools to maintain TerraUSD’s peg to the US dollar. Instead, the coins are burned forever. The upgrade also promoted Terra’s integration with the multi-chain Cosmos ecosystem.

Arweave (AR), a decentralized storage project, is up 15% in the last 24 hours and 27% in the past week. In August, Arweave was up 66% in a week as NFTs rose. NFT sales declined shortly thereafter, but the market is starting to pick up again. On Friday, Arweave announced it would integrate The Graph. That is a decentralized protocol for sorting information about blockchains and allowing people to query Web 3.0 APIs.

Solana is up 8% in the past day and 27% in the past week. The fast, low-cost blockchain has appreciated in value over the summer as its smart contract functionality allows merchants to do the same things on Ethereum dApps at a fraction of the cost. On Friday, Solana NFTs reached a market cap of $1 billion.

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Wider crypto market

Bitcoin and Ethereum remained stable and ended a week of massive growth. Bitcoin is up 0.4% in the past day to $47,919 and 11.35% in the week after a huge surge on Friday. Ethereum followed Bitcoin’s rise and is up 3.46% in one day to $3,402 and 14.91% over the past week.

Meanwhile, China’s shift to decentralized financial protocols is also underway. The government had issued (another) general bank earlier this month; a market no longer stuck with the $300 billion Evergrande debt crisis. It is also a new financial quarter with new allocations to cryptocurrencies and a US stock market recovering from the September slump.

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