Bittime - The cryptocurrency world is on the rise after experiencing a downturn last week. Most digital currencies are now rising in price. One that attracted attention was Solana (SOL) which rose to $200 US dollars.
Some altcoins (digital currencies other than Bitcoin) also perform better than others. Currently, attention is turning to the Solana ecosystem compared to other blockchain networks.
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Will Bitcoin Hit $68,000?
Bitcoin prices are starting to rise again after falling last week. Even though overall it fell 4.4% in the week, Bitcoin managed to rise 2.8% on March 18. Currently, Bitcoin is testing important resistance at $68,000.
Even so, according to the "fear and greed index", the market is still in a "very greedy" state. However, market sentiment changed slightly as the index fell from 88 (very greedy) on March 14 to 77 today.
Solana Leads Altcoin Surge
As mentioned previously, some altcoins are performing much better than others, and there are trends afoot. The Solana ecosystem is growing rapidly.
The price of Solana's SOL token surged more than 11% on March 18, surpassing the landmark $200 mark. With this increase, Solana managed to overtake Binance Coin (BNB) as the fourth largest cryptocurrency in the world based on market capitalization.
SOL is the best performer among the top 10 cryptocurrencies. Meanwhile, Render (RNDR) experienced the highest increase among the top 100 cryptocurrencies, namely 15% in the last 24 hours.
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A Little About Solana
Solana was born from the thoughts of Anatoly Yakovenko, one of the founders of Solana. Previously, Yakovenko had experience in designing distributed systems at leading technology companies such as Qualcomm.
This experience made him realize that a reliable clock could make network synchronization easier. With good synchronization, the network will be much faster, the only limitation is bandwidth.
Yakovenko argues that “proof-of-history” (PoH) can speed up blockchains drastically compared to blockchains without internal clocks, such as Bitcoin and Ethereum. Blockchains such as Bitcoin and Ethereum struggle to process more than 15 transactions per second (TPS) globally. This is a far cry from centralized payment systems like Visa which can reach 65,000 TPS at peak times.
Yakovenko's PoH concept addresses this problem. With PoH, each node (connected computer) in the network can rely on running time records.
In November 2017, Yakovenko published a white paper explaining the PoH concept. PoH allows blockchains to reach consensus by verifying the passage of time between events. In short, PoH is used to incorporate time recording into the blockchain.
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Initially this project was named Loom. However, due to the similarity of the name to other Ethereum-based projects, they changed the name to Solana, inspired by the name of a small beach near San Diego.
In June 2018, the Solana project started running on a cloud-based network. A month later, Solana published a public test net capable of processing 250,000 TPS. As of December 12, 2023, Solana has processed more than 253 billion transactions at an average cost of $0.00025 per transaction.
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime.
Monitor price chart movements for Solana (SOL), Bitcoin (BTC), Ethereum (ETH), and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Solana (SOL) Future & Solana ETF Predictions
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Solana Saga, Smartphone with Web3 Integration
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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