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Major coins were trading higher on Wednesday night as the global cryptocurrency market cap rose 2.58% to $ 2.18 trillion.
What happened: Bitcoin (CRYPTO: BTC) was up 1.45% to $ 47,925.11 on a 24-hour basis. Over the week, BTC appreciated 3.87%.
See also: How to buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) climbed 5% to $ 3,585.90 in 24 hours. On a seven day basis, ETH rose 3.14%.
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) traded up 2.37% to $ 0.245 on a 24-hour basis and was down 3.05% for the week.
The best 24 hour winner was Ren (CRYPTO: REN), which rose 27.26% on a 24-hour basis to $ 1.05. The coin has climbed 58.71% in the past seven days.
Cryptocurrency linked to an open protocol that aims to promote interoperability and liquidity between blockchain platforms rose 27.28% and 23.36% respectively against BTC and ETH.
Other notable 24-hour winners included Horizen (CRYPTO: ZEN), Ghost (CRYPTO: FTM), and SushiSwap (CRYPTO: SUSHI).
ZEN climbed 28.05% to $ 109.42, FTM rose 18.59% to $ 1.43 and SUSHI gained 16.86% to $ 15.07 during the period.
Why is this important: A key metric indicates that Bitcoin may see another positive price movement. The apex cryptocurrency stable supply ratio, or SSR, a measure of Bitcoin’s supply to the total stablecoin supply shown in BTC is on the rise.
See also: If you invested $ 1,000 in Bitcoin when MicroStrategy first bought it, here’s how much you would have now
Chain analyst firm Cryptoquant said in a blog post that a low number of SSRs indicates that stablecoins have more buying power compared to BTC. These coins are used to buy both BTC and altcoins.
Cryptoquant data indicating SSR
According to Cryptoquant, SSR recently tested the support and is slowly gaining momentum.
Meanwhile, the team behind Solana (CRYPTO: SOL) said in an emailed statement that its community of validators successfully restarted its beta version of Mainnet after upgrading to 1.6.25.
“Dapps, block explorers and support systems will recover over the next few hours, after which all functionality should be restored,” Solana said.
As for what went wrong, Solana said that its beta version of Mainnet “encountered a sharp increase in transaction load which peaked at 400,000 TPS. These transactions flooded the processing queue. transactions and the lack of prioritization of critical messages for the network caused the network to start.
Subsequently, the fork resulted in “excessive memory consumption, causing some nodes to disconnect.” Ecosystem engineers attempted to stabilize the network, but were unsuccessful. “
SOL traded down 3.33% to $ 155.99 on a 24-hour basis, the token has plunged 20.36% in the past seven days but still rose 138.41% in the last seven days. Last 30 days.
Read more : Apple has blocked Ethereum wallet for viewing NFTs, startup says
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