Crypto Heating Up With The Summer Heat

As we inch closer to the end of summer 2021, altcoin cryptocurrencies show no sign of cooling off. Solana has shown explosive growth during the summer months, having grown from $33 CAD at the start of summer, to a high of $188 in just a little over two months.

Solana's historic run-up can be seen through the increase in crypto talk on social platforms, snagging nearly 10% of crypto conversations. Traders are discussing the hype around NFT (non-fungible token) on the Solana Blockchain. One could argue that Solana is becoming a serious contender to Ethereum as Ethereum's gas-fees have shot up as some users have seen gas fees hit over $1000!

Despite the high gas fees, Ethereum is also seeing some growth as it rebounds closer to ATH (all-time high), hitting $5,032 at the start of September. With the May high where we saw ETH hit $5,267 in mid-May, and the crash down to $2,114, we are already poised to create a new ATH before summer ends.

Last but not least, we have Cardano making waves this summer. A community favorite, Cardano has held relatively well during the May sell-off, has launched to new ATH hitting $3.91 in early September. The bullish breakout is brought on by the successful launch of smart contracts on the Cardano blockchain’s testnet. A week from now, on September 12th, Cardano will upgrade it's mainnet to implement smart contracts and we will officially enter the Goguen era for Cardano, representing a big step forwards in capability for the Cardano network.

With a little over two weeks left in the summer, cryptocurrencies show no signs of slowing down. The buzz surrounding DeFi, NFTs and upgrades coming to Cardano, alt-season is just beginning.