Tuesday, 7 September 2021

Market Summary

Market Summary 7 September 2021

El Salvador purchases first 200 BTC, President Bukele confirms

  • El Salvador president Nayib Bukele confirmed Monday that his government has purchased its first 200 Bitcoin (BTC) ahead of the Sept. 7 rollout of a new law set to make the cryptocurrency legal tender. 

 

Solana Hits All-Time High as Coin Rises 14% in 24H

  • Solana (SOL) has hit yet another all-time high. The price of the cryptocurrency is now $157. The 24-hour increase of 14.71% makes the coin the seventh-largest cryptocurrency with a market cap of $45.8 billion.
  • The remarkable rise is a 70,632% increase compared to a year and a half ago when Solana had just launched and the market hadn’t yet appreciated its worth.

 

Ethereum futures open interest sets new record as price nears ATH

  • The aggregated open interest of Ethereum futures reached an all-time high today, just four months after the overall crypto market’s fallback.
  • According to data from Bybt, Ethereum’s futures open interest hit $11.68 billion for the first time, as of 10:00 UTC time.
  • These levels were last seen in mid-May, when the crypto markets were at their highest. When prices dropped, open interest fell too, reaching as low as $4.43 billion in June, according to The Block’s Data Dashboard.

 

$1 Billion Now Locked Up in Ethereum Layer 2 Scaling Solutions

  • Second-layer scaling solutions are designed to combat network congestion on Ethereum—and they’re proving increasingly popular.
  • Second-layer scaling solutions designed to counteract network congestion on Ethereum are booming, with over $1 billion locked up in scaling protocols, according to layer two ecosystem tracker L2Beat. 

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