Solana Bucked Bitcoin Sell-Off; Upstart Blockchain Challenges Ethereum on Speed, Fees

Solana Bucked Bitcoin Sell-Off; Upstart Blockchain Challenges Ethereum on Speed, Fees

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Muyao ShenApril 20, 2021, 2:10 PM·2 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Solana, the native token of the blockchain backed by FTX's Sam Bankman-Fried, logged a record daily percentage gain on Sunday, defying bitcoin's 6% sell-off.The SOL tokens surged 30% on the FTX exchange to near $33 that day, according to TradingView. It was a staggering daily return considering that prices for bitcoin, along with most of other crypto assets, dropped to multi-week lows.After a year-to-date return of nearly 1,600%, Solana now has a total market capitalization of more than $8.3 billion, according to Messari, just after Tron's $9.17 billion.Related: South Korea Kicks Off New Crackdown on Illicit Crypto ActivitiesBankman-Fried said in a series of messages via LinkedIn that the factors driving Solana may have been independent from the forces at work in last weekend's crypto sell-off.“SOL traders were probably not as leveraged long, and so there were fewer liquidations,” he said.Crypto futures market saw a record $10 billion worth of liquidations over the past