Major altcoins gain ground, closing in on bitcoin’s week-long rally | Headlines | News | CoinMarketCap
10/21/2023 01:22
Solana is leading an altcoin rally that follows bitcoin's week of steady gains. Sol has posted a 25% gain in the past week, outperforming other …
The Block9 minutes ago
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Published on October 20, 2023 18:10 GMT+00:00edited on October 20, 2023 18:14 GMT+00:00
Solana is leading an altcoin rally that follows bitcoin's week of steady gains. Sol has posted a 25% gain in the past week, outperforming other blue-chip cryptocurrencies on a day that saw the market capitalization of the entire sector increase by over 3%.
YouHodler Chief of Markets Ruslan Lienkha views the rally as a consequence of investors gaining a clearer understanding of the future of FTX's significant Sol holdings. Last week the FTX estate staked over 5.5 million Sol, worth around $122 million.
"Sol was undervalued for a long time because of its ties with the FTX saga," Linekha told The Block. "With time the situation involving frozen FTX assets is getting clearer, so positive news in the industry has a better and greater impact on Sol."
Ryze Labs Co-Founder Matthew Graham sees …