Solana Leads the Crypto Market Recovery, But These Altcoins Are Outperforming the Rest

Solana Leads the Crypto Market Recovery, But These Altcoins Are Outperforming the Rest
  • Solana outperforms as the top gainer with a 13% increase, trading at US$162.80, amid a general market recovery.
  • Fantom’s FTM gains 22% following a significant upgrade aimed at enhancing transaction speed and efficiency in its DeFi services.
  • Near Protocol continues its strong growth trajectory with a 17% surge, propelled by promising developments in cross-chain DeFi and AI.

While Bitcoin is in recovery mode and has rallied almost 7% in the past 24 hours, Solana is the biggest gainer in the top ten by market cap. SOL has gained over 13% and now trades at US$162.80 (AU$243.50), but there are some altcoins which have performed even better than that.

Related: Cooling US Inflation Sparks Rate Cut Hopes, Triggers $110M Crypto Short Liquidations, and Fuels Market Rally

Fantom Network Receives Upgrade

Fantom FTM has gained over 22% in the past 24 hours, which comes after a 30% draw-down from March.

FTM/USDT, source: TradingView

FTM which had its all-time high in 2021, hasn’t reached its previous high and is now down almost 78% from there.

Fantom is a decentralised smart contract platform using a DAG (directed acyclic graph) and unique consensus algorithm for fast, low-cost DeFi services. Launched in 2019, it achieves high scalability and security, supports thousands of transactions per second, and provides tools for easy DApp integration.

Recently, the Fantom Foundation announced to its social media followers that an upgrade, named Opera, would increase the speed of transactions and make memory use more efficient. This upgrade is also designed to enhance DeFi suitability for new applications.

🖥️ Introducing: Opera Upgrade Dashboard!

Starting today, validators on Opera are upgrading their nodes to be powered by our innovative Sonic tech.

Follow the real-time progress of the upgrade using our new dashboard 👇https://t.co/GAobwXWRHJ pic.twitter.com/oYFRu4vhu6

— Fantom Foundation (@FantomFDN) May 14, 2024

Near Protocol Continues on Growth Trajectory

Near Protocol (NEAR) has surged over 17% in the past 24 hours amid an 600% rally it has sustained – apart from a breather when the whole market was down – since October last year. Near is one of the promising protocols in the increasingly popular AI sector.

NEAR/USD, source: TradingView

Near Protocol’s co-founder, Ilia Polosukhin, recently announced news seen as a very bullish indicator for the project.

The plan is for the Near Protocol to support cross-chain DeFi by enabling Bitcoin management through its smart contracts, facilitating borrowing, lending, and BTC liquidation. It connects various blockchains, streamlining cryptocurrency and NFT usage across different ecosystems without multiple wallets.

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Near Protocol is a layer-one blockchain offering fast transactions and enhanced interoperability, tailored for DApps with features like human-readable names and “Doomslug” scaling. Recently, it reached 100 million accounts, driven by the robust AI narrative.

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