Bitcoin trades highest since May 2022, Solana triples in the past month

Solana tripled in the past month with a hike of 550% and is currently seen as a more efficient, cost effective platform.

Bitcoin and Etherium were both trading in green over the last 24 hours. Moreover Arweave was at the other end of the scale in the same period, thus declining by 2%.

Bitcoin has been seen trading at its higest since May 2022, a hike of 127%. It had hit an all time high of $67000 in November 2021, states Ajeet Khurrana, Founder of Reflexical.

Solana tripled in the past month with a hike of 550% and is currently seen as a more efficient, cost effective platform. This is the 6th largest cryptocurrency by market size.

In other cryptocurrency news, Coinbase Co. holds the title of the most significant supporter of industry startups based on the number of deals, as per PitchBook data. However, in recent months, its investment activity has decreased. This reduction is part of a broader trend of reduced investment in crypto companies, many of which have substantial venture capital arms. In the third quarter, overall crypto venture funding saw a 63% decline to $2 billion compared to the same period last year. Corporate venture capital businesses, in particular, scaled back their investments even more rapidly, according to Robert Le, a crypto analyst at PitchBook.

“We are seeing some companies and founders who have great ideas, and they’re saying, ‘OK, I need to extract the US from my business plan and not serve US customers,’ which is a shame,” stated Hoolie Tejwani, director of corporate development and ventures.