SOL, ADA Lead Crypto Majors' Gains as Bitcoin Traders Move Past $1B Liquidation Event
Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem.
Solana (SOL) and cardano (ADA) led gains among major crypto tokens in the past 24 hours as the bitcoin (BTC) price gradually recovered from last week's liquidation event.
Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem. The CoinDesk Markets Index, a weighed collection of the largest tokens, rose 1.6%.
Among alternative currencies, maker (MKR) rose 6% as its boosted savings product found favor among investors, while AI-focused render (RNDR) jumped 9% after Nvidia (NVDA) topped second-quarter earnings estimates, proving the bullish AI trend is here to stay.
Last week, some $1 billion worth of crypto futures were liquidated after a sudden sell-off that hit trading volumes and the broader market recovery. Mentions of “buy the dip” echoed, and then fizzled out, among traders as the large move likely impacted traders and funds.
Now it seems large holders are returning to the market, aiding a recovery.
“Bitcoin jumped back as high as $26,800 Wednesday as key whale shark addresses are now collectively adding to their stacks once again,” on-chain analytics firm Santiment said in a tweet. “There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th.”
Gains in bitcoin came as European stocks and U.S. equity futures climbed in a broad-based rally fueled by surging tech shares, as per MarketWatch.
Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Liquid staking emerged after Ethereum transitioned from a proof-of-work to a proof-of-stake mechanism. Its primary goal is to enhance asset utility by allowing users to earn staking rewards while maintaining the liquidity of their staked positions. Currently, mainstream liquid staking protocols allow users to stake their assets in exchange for liquid staking tokens (LSTs). For instance, by staking ETH on platforms such as Lido, users receive stETH tokens. This approach is commonly referred to as "liquid staking derivatives" (LSDs). Since Binance hinted at collaborating with Sanctum to launch the Solana liquid staking token BNSOL, Sanctum's governance token CLOUD has gained significant attention, rising despite unfavorable market trends. On September 5, Bybit announced its partnership with Solayer to launch bbSOL. Additionally, major exchanges have unveiled plans to introduce Solana LST tokens. EigenLayer also began its second season of airdrop claims this week, with its governance token EIGEN potentially circulating by the end of September. The LSD and restaking sectors are gaining quiet momentum, potentially setting the stage for a new wave of hype around restaking within the SOL ecosystem.
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