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.Stay on top of crypto news, get daily updates in your inbox.
Source : [Solana, Cardano Both Up 21% Late Sunday, Setting Monthly Highs - Decrypt](decrypt.co/118687/solana-cardano-value-jumps-21-percent) by Decrypt / Ryan Ozawa - January 09, 2023
