Major currencies traded higher on Wednesday night as the global cryptocurrency market cap rose 2.58% to $ 2.18 trillion.
What happened: Bitcoin (CRYPTO: BTC) rose 1.45% to $ 47,925.11 in 24 hours. Over the course of the week, BTC appreciated 3.87%.
See also: How to buy Bitcoin (BTC)
Ethereum (CRYPTO: ETH) rose 5% to $ 3,585.90 in 24 hours. In seven days, the ETH has increased by 3.14%.
Cryptocurrency Meme Dogecoin (CRYPTO: DOGE) traded up 2.37% at $ 0.245 in 24 hours and has fallen 3.05% during the week.
The maximum winner in 24 hours was Ren (CRYPTO: REN), which rose 27.26% in 24 hours to $ 1.05. The currency has risen 58.71% in the last seven days.
Cryptocurrency linked to an open protocol that aims to promote interoperability and liquidity between blockchain platforms increased by 27.28% and 23.36% respectively against BTC and ETH.
Other notable winners during the 24 hours included Horizon (CRYPTO: ZEN), ghost (CRYPTO: FTM) i SushiSwap (CRYPTO: SUSHI).
ZEN rose 28.05% to $ 109.42, FTM rose 18.59% to $ 1.43 and SUSHI gained 16.86% to $ 15.07 in the period.
Why it matters: A key metric indicates that Bitcoin may experience another positive price movement. The stable supply ratio of the apex cryptocurrency, or SSR, a measure of the supply of Bitcoin in relation to the total supply of stable currencies denoted in BTC is increasing.
See also: If you invested $ 1,000 in Bitcoin when MicroStrategy first bought it, here’s what you would have now
Chain analytics company Cryptoquant said in a blog post that a low SSR number indicates that stablecoins have more purchasing power against BTC. These coins are used to buy BTC and altcoins.
Cryptoquant data indicating SSR
According to Cryptoquant, SSR recently tested support and is slowly rising.
Meanwhile, the team behind Solana (CRYPTO: SOL) said in an emailed statement that its validator community has successfully restarted its Mainnet Beta after an update to 1.6.25.
“Dapps, blockchain browsers and support systems will recover in the next few hours, at which point full functionality should be restored,” Solana said.
As for what went wrong, Solana said that Maineta Beta “experienced a huge increase in the transaction load that reached 400,000 TPS. These transactions flooded the transaction processing queue and the lack of prioritization of critical network messages caused the network to start bifurcating. “
Subsequently, the bifurcation caused “excessive memory consumption, which caused some nodes to stay offline. Ecosystem engineers tried to stabilize the network, but were unsuccessful.”
SOL traded 3.33% lower, at $ 155.99 in 24 hours, the witness has fallen 20.36% over the past seven days, but has still risen 138.41% over the past 30 days.
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