Today’s market session seems rather a slow one with the global market cap recording a decrease of 1.2% within a 24-hour period as of press time. This comes ahead of a busy day in the crypto space with the Ethereum Shapella upgrade happening today.
Bitcoin, the top crypto, seems to be on a relatively slow day as the asset had recorded a mild decrease of closer to 1% despite it gaining almost 5% for the week. BTC currently is facing resistance at the $30K level after setting a new ATH for the year above the level.
Ethereum despite the arrival of its Shapella upgrade, has also begun on a relatively slow day recording a 2% decrease within a 24-hour period. Trading at the $1.8K level, the asset is also down over 2% on weekly valuation.
Other altcoins seem to be experiencing the same with both Ripple and Cardano recording decreases of 3% and 2% respectively in price valuation within 24 hours as of press time.
Despite the rough market day Solana continues to show great dominance with the asset gaining close to 3% in valuation for the day and over 7% for the week. The network is currently experiencing increased activity with the trading volume recording a surge of over 120% within the same period as it sits on today’s top trending coins.
Why is Solana surging?
Solana’s surge can be attributed to a new development on the network that might have attributed to this surge.
Solana has announced a new partnership with Bonfida, the creators of Solana Name Service (SNS), to bring native resolution of SNS names to the Brave browser and wallet. SNS is an identity system designed to make the use of Web3 more natural for the general public, enabling users to map a public Solana address to a human-readable name, making it easier to use cryptocurrencies in daily life.
With the integration of SNS into the Brave browser, users can now send and receive Solana (SOL) and SPL tokens using easy-to-remember names, reducing the risk of mistyped addresses and accidental loss of funds. Additionally, users can visit decentralized SNS domains in the Brave browser, opening up new possibilities for hosting censorship-resistant websites that are more resilient than traditional Web 2.0 sites. SNS names can be purchased from Bonfida directly or on secondary marketplaces like Magic Eden.
This new development builds upon Brave’s existing crypto-DNS strategy and expands on the types of crypto domains supported in Brave, making it easier for users to access and transact with cryptocurrencies.
