Solana flips Cardano and Ethereum hits fresh all-time high as analyst targets $5k Eth
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Solana has flipped Cardano and Ethereum has hit a fresh all-time high on a historic day for cryptocurrency, as the total market capitalisation also hit a new peak and Australia’s biggest bank embraced crypto.
It’s been an amazing year for both cryptos. Solana started the year at just US$1.80, while Cardano began at 17c.
This afternoon Cardano’s ADA token was changing hands for $1.96, up 0.4 per cent from yesterday, with a market cap of US$65 billion to Solana’s $68 billion.
Ethereum meanwhile was changing hands for US$4,578, up 5.5 per cent from yesterday, and had earlier set another all-time high, of US$4,634.
Bitcoin was up just 2.7 per cent to $63,035. One Eth was trading for 0.7252 BTC, the most it had fetched against Bitcoin since September 18.
“I think that’s going to continue for a little while, and probably until we get this five (US$5,000) over and done with. I think we’re heading to a five, we’re going to have a five-handle, in the not too distant future. And probably until we do that, Bitcoin might be biding its time.”
Capolingua, a longtime technical analyst, said the Ethereum chart “just looks amazing” and he saw nothing to suggest Ether would not complete its move to US$5,000.
“If it was a stock, you’d run out and buy it straight away,” he said. “So if you own Ethereum, you must absolutely hodl this until it gets to $5000. If you don’t, I don’t think it’s too late to get in.”
Overall the crypto market was up 2.99 per cent to an all-time high of US$2.73 trillion, although 23 of the top 100 coins were in the red.
The biggest loser was Decentraland (MANA), which fell 8.9 per cent to $2.84, although that still leaves it up 232 per cent for the week after a massive Facebook-inspired pump for metaverse tokens over the weekend.
Solana data storage network Arweave was the biggest gainer, climbing 41.2 per cent, followed by Ethereum scaling solution Loopring, which gained another 34.9 per cent.
Australia-founded gaming token Illivum had hit a fresh all0time high, of $1,267, as had Gnosis, Velas, Altura, Opulous, Tokemak, Popsicle Finance, Lukso Token and Rocket Pool.