Crypto On Feb 21: Solana Zooms Over 10%, Drives The Market

The cryptocurrency market rose as Solana zoomed over 10% after it launched a payment processing system. The global market cap was up 2.30% at $1.79 trillion as of 3.30 a.m. ET.

Bitcoin was up 1.41% at $39,273. Ethereum rose 3.76% to $2742, CoinMarketCap data showed. Both top coins, however, have slid compared to the previous week.

Solana zoomed 10.66% to $95.57. The growth of Solana could be because of its newly launched payment processing system, Solana Pay, and the recently listed market data for Solana-based tokens by Coinbase Global.

Raj Kapoor, founder at India Blockchain Alliance and chief growth officer at Chainsense, said, "The sun seems to be shining on SOL! Solana's price is rising because they have provided two separate pieces of evidence that its platform can be applied to real-world uses. Making it more relevant."

Overall, the market traded in the green. Meme cryptos Shiba Inu and Dogecoin too surged.

Meanwhile, as per CoinDCX daily analysis, blockchain equity investment products saw the largest flows since mid-December with inflows totalling US$69m while Ethereum finally saw inflows totalling US$21m — breaking its 9-week spell of outflows.

"The greater appreciation and awareness investors have shown for crypto, its use cases and applications have been a primary driver behind recent capital flows, yet, it still represents a mere fraction of the total addressable market when compared to other more established asset classes," the Indian exchange told International Business Times.

"It is our belief that once regulatory clarity is achieved, there is high potential for it to trigger the next rush into crypto."

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.