Solana has set a price record

The cryptocurrency market is experiencing a sharp decline, which is causing considerable concern among investors. Bitcoin BTC $98,921.50 Bitcoin 1.92% Market capitalization $1.96 trillion VOL. 24 hours $4.95 billion fell by more than 10% to $ 53,270, while Solana SOL $255.03 Solana 0.24% Market capitalization $121.06 billion VOL. 24 hours $1.63 billion , the fifth largest cryptocurrency, dropped by almost 18%. The total market value of cryptocurrencies decreased by 13% to $ 1.87 trillion, despite the fact that the trading volume increased by 119.72% to $ 142.44 billion.

Interest in Anatoliy Yakovenko’s native blockchain cryptocurrency has increased as traders await the launch of the Solana ETF in the United States. However, the recent drop in cryptocurrency prices is linked to a sell-off in the Japanese stock market, where the Nikkei 225 index fell by 7.1%.

on August 2, Japanese bank stocks experienced their worst day since 2008 after the central bank raised interest rates. This sharp market crash resulted in the loss of about $ 500 billion of the total market capitalization of cryptocurrencies in three days, the largest drop in the last year.

Despite the overall market downturn, Solana-based decentralized exchanges (DEXs) have shown strong results. In July, 30% of the trading volume on cryptocurrency DEXs was accounted for by protocols built on the Solana network, exceeding Ethereum’s 28.12%. By the end of the month, the DeFi Solana ecosystem processed transactions worth $ 56.849 billion, while Ethereum processed $ 53.867 billion.

According to the analytical tracker CoinMarketCap, at the time of writing, SOL is trading at $ 118, which is 18% less than yesterday. The asset’s market capitalization amounted to $ 54.9 billion, and traders made daily trading deals worth $ 9.6 billion.