It was relatively quiet on the crypto market today. In this market update we take a tour of the major cryptocurrencies; How are you now? We look at Solana (SOL), the Jupiter airdrop and a bizarre price move in the FTX token (FTT).
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A look at the crypto market
- At the time of writing, the total crypto market cap is 1.53 trillion euros, which is 0.7% less than 24 hours ago.
- The price of Bitcoin is currently 40,122 euros on the Dutch crypto exchange Bitvavo. The average Bitcoin price is at the same level on all major exchanges. Bitcoin now controls 51.3% of the market, just like yesterday.
- Cryptocurrencies worth 54.4 billion euros were traded last day. That’s 6.3% more than yesterday.
The biggest rises and falls in cryptocurrencies
We currently only see a few fireworks in the top 50. For example, THORChain (RUNE) is the fastest riser in the top 50. The altcoin’s value has increased by 2.8% in the last 24 hours.
In addition, SUI (SUI) is also one of the few movers at the top. SUI rose 2.5% in the last 24 hours, making it the second fastest rise in the top 50.
If we zoom further into the top 10, only red numbers can be seen. The cryptocurrency that suffered the least damage last day was Bitcoin (BTC). The king of cryptocurrencies is down 0.3%.
The fastest loser in the top 10 is Solana (SOL). Number 5 is down 3.5%. And that could be a bit of a surprise. Solana was the scene of a major event today.
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Jupiter is giving away $700 million in cryptocurrencies
Jupiter, a decentralized exchange based on Solana, held its meeting today Airdrop. This plan was announced late last year by the team behind the project.
In total, it is estimated that around $700 million worth of JUP tokens were given away to around 1 million wallets. In the background of this spectacle, Solana was easily in the spotlight.
Due to the airdrop, the network had to process a large amount of transactions. This reportedly caused some problems for users in the first 45 minutes. Someone running a validator reported that the average user “could do virtually nothing for the first 30-45 minutes.”
Nevertheless, Solana managed to hold its ground and the network now appears to be calm again. This makes the Jupiter airdrop a success.
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FTX throws a spanner in the works and causes extreme volatility on FTT
Today there was also notable news from the bankrupt crypto exchange FTX. The crypto exchange initially wanted to start a new exchange, also to accommodate the victims. Today, those plans were unexpectedly pulled. This caused the FTT token to make a bizarre price move, as can be read in this article.
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