Altcoins are on the rise. Tezos is up 23% in the last 24 hours to $ 8.7, Terra is up 15% to $ 43, Arweave is up 15% to $ 56 and Solana is up 8% to $ 171.
Taken together, the rise of these coins, which with the exception of Solana have a market capitalization well below $ 10 billion, has helped increase the market capitalization of the entire cryptocurrency market by 2.2% in the course of the last day.
Tezos (XTZ), a proof-of-stake blockchain network, hit an all-time high of $ 8.83 this morning. The increase started on Wednesday, when XTZ was only worth $ 5.51. This month, Tezos reached 5.8 million calls per contract, breaking last month’s record of 3.2 million.
Terra (LUNA), a blockchain network that powers an algorithmic stablecoin, is up 15.69% on the day and 20.35% on the week. On Thursday, Terra released a network update called Columbus-5. This update stopped the transfer of burned LUNAs to community pools to maintain TerraUSD’s parity with the US dollar. Instead, the coins are burned forever. The update also strengthened Terra’s integration into the Cosmos multi-chain ecosystem.
Arweave (AR), a decentralized storage project, has grown 15% in the last 24 hours and 27% in the last week. In August, Arweave grew 66% in one week as NFTs were booming. NFT sales declined shortly thereafter, but the market began to rebound. On Friday, Arweave announced that it will integrate The Graph, a decentralized protocol for classifying information about blockchains and allowing people to query the Web 3.0 APIs.
Solana has risen 8% in the last day and 27% in the last week. The low-cost, high-speed blockchain has gained value over the summer because its smart contract functionality allows merchants to do the same on Ethereum dApps at a fraction of the cost. On Friday, Solana’s NFTs reached a market capitalization of $ 1 billion.
The crypto monsters Bitcoin and Ethereum were stable, crowning a week of extraordinary growth. Bitcoin was up 0.4% on the last day to $ 47,919 and 11.35% on the week after a massive jump on Friday. Ethereum, which has joined Bitcoin on its rise, is up 3.46% on the day to $ 3,402 and 14.91% on the week.
Against the backdrop of the surge is China’s shift to decentralized financial protocols after the government issued a (other) general bank earlier this month, a market no longer affected by the crisis in China. Evergrande debt ($ 300 billion), a new financial quarter bringing new allocations to cryptocurrencies and a US stock market rebounding from September’s slide.