A New Rise In The Crypto Market
In August, the cryptocurrency market regained much of the ground lost in the May 2021 meltdown. The cryptocurrency market capitalization increased by nearly 28% in August, from $1.65 trillion at the start of the month to $2.12 trillion at the end. The altcoin market led the rise, with a market capitalization increase of 43.5 percent in August from $842 billion to $1.21 trillion at the end of the month, with many altcoins seeing double-digit gains.
The Poly Network hack, in which a mysterious ‘Mr. White Hat’ stole approximately $610 million, was a hot topic of conversation. Many commentators dubbed this exploit the largest in Decentralized Finance (DeFi) history. The hacker, on the other hand, has returned all of the funds and even declined a $500,000 reward and a job offer from Poly Network.
Given the current state of the cryptocurrency market, here are two significant cryptocurrencies to keep an eye on in September 2021.
Smart contracts are supported by the Solana Blockchain, allowing it to be used for NFTs, decentralized finance, and other blockchain-based applications. It’s been dubbed the “ETH killer,” alongside currencies like Polkadot and Cardano, which compete directly with the Ethereum network.
Solana has the ability to support almost 70,000 transactions per second at a low cost. It just raised $314 million in a token sale spearheaded by Andreessen Horowitz and Polychain Capital, making it one of the largest funding rounds in the cryptocurrency industry’s history. The currency increased by almost 215 percent in August, from $34.25 at the start to $108.48 at the end.
A number of factors have contributed to the massive price increase in such a short period of time, including the Securities and Exchange Commission (SEC) registering a Solana-centric fund for institutional investors; cryptocurrency market data network company Pyth announcing its launch on the Solana blockchain; and Solana’s successful venture into non-fun.
As of the time of writing this piece, SOL was trading at $142, up 2.16 percent on the day.
VeChain was introduced in 2018 as a corporate blockchain solution that aims to improve operational accountability, efficiency, and transparency. It is a clone of the Ethereum codebase that focuses on enterprise use cases, particularly the Internet of Things and supply chains, enabling secure product lifecycle management. The Thor Blockchain, which is utilized for transactions, account administration, and smart contract development, was also established by it.
VET, VeChain’s native token and the main currency used for payments and voting, rose nearly 43 percent in August, rising from 8 cents at the start to 12 cents at the end. VeChain Thor mainnet reached a milestone in terms of uptime and processed blocks a few days ago. The network has already reached a milestone of 10 million blocks. Staking VET earns users VeThor (VTHO), the VeChain ecosystem’s second native token. This is a unique feature of VET. The VTHO is used to perform smart contracts on the Thor blockchain and is released daily to VET holders.
As of the time of writing this story, VET was trading at 15.23 cents, up 5.34 percent.