As Bitcoin Rests, Altcoins like Solana (SOL) and Polkadot (DOT) Lead the Market Rally

After a solid rally throughout the month of August 2021, the world’s largest cryptocurrency Bitcoin (BTC) has been trading under pressure for a while over the last week.

After facing rejection at $50,000 resistance levels, Bitcoin has been heading south. As of press time, the BTC price is trading just above $47,000 Bitcoin (BTC). Interestingly, it continues to trade above its long-term support levels which is the 200-day moving average of $46,000.

As this happens, altcoins continue the party. Ethereum (ETH) is up 4% today moving past $3,300 levels. However, other altcoins like Solana (SOL) and Polkadot (DOT) have been stealing the show in the market.

In the month of August 2021, Solana (SOL) has registered a solid price rally hitting its new all-time high of $121 today. With this, Solana has made its way to becoming the eighth-largest cryptocurrency by market cap beating some of the established players like Polkadot and Uniswap.

The open-source project Solana specializes in offering decentralized finance (DeFi) solutions to the market. It aims to provide scalability in this emerging DeFi space. Over the last month, the Solana price has more than tripled delivering a solid 200% gain in the market. This makes it the top-performing top ten altcoins for August 2021.

Polkadot (DOT) is another altcoin making strong moves. In the last 24 hours, Polkadot (DOT) has gained 12% moving closer to $30. As of press time, DOT is trading at a price of $28.26 and a market cap of $27.9 billion. In the month of August 2021, DOT has gained more than 55%. Polkadot’s ability to transfer data and assets across multiple blockchains makes a special use-case of its utility in the crypto space.

While we are speaking of altcoins, we cannot forget about Cardano (ADA). In the next ten days, the Cardano (ADA) blockchain is heading towards the much-awaited Alonzo hardfork. This hardfork will bring the smart contracts functionality to the Alonzo blockchain.

Cardano’s ADA cryptocurrency has been one of the top-performing altcoins. Last week, the ADA price surged to its all-time high of $2.96 thereby becoming the third-largest cryptocurrency with a market cap of over $90 billion. Since the beginning of 2021, the ADA price has gained 15x or 1400% while hitting new all-time highs.

Avalanche (AVAX) has been another top-performing altcoin. For August 2021, the AVAX price skyrocketed 3x moving past $55 levels ten days ago