SOL - Why Solana Cardano and Litecoin Are Surging Today
2023-04-26 12:06:30 ET
The cryptocurrency market is booming once again. Led by incredible moves in some of the largest-cap tokens , this sector has seen a surge in interest as a potential way for investors to hedge against risks to the banking system and the U.S. dollar. That's due primarily to an accelerated decline in the stock of the bank First Republic (NYSE: FRC) , which is down more than 30% this morning after reporting earnings and showing more than $100 billion of deposit outflows.
As of 11:15 am ET on Wednesday, Solana (CRYPTO: SOL) , Cardano (CRYPTO: ADA) , and Litecoin (CRYPTO: LTC) are among the biggest gainers of the top 15 cryptos, surging 8.6%, 9.1%, and 3.6%, respectively, over the past 24 hours.
There are many reasons investors have diversified into digital assets in recent years. Of course, the incredible upside this asset class has provided, relative to even the frothiest growth stocks in the post-pandemic era, has been a major catalyst for capital inflows into the sector.
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Why Solana, Cardano, and Litecoin Are Surging Today