Bitcoin price dipped to lows of $45,676 after touching highs at $48,076 during the early morning trading hours on Aug. 16. As bulls scrambled to put a halt to Bitcoin’s price slide, selected tokens such as Solana (SOL) and Terra (LUNA) rallied to all-time highs.
In the past 24 hours, SOL price soared to hit a new all-time high at $69.49 as excitement for the protocol’s new Mango Markets decentralized exchange (DEX) helped to increase demand for SOL.
Terra (LUNA) price’s surge to all-time highs could be traced to its anticipated Columbus-5 network upgrade that is set to go live in the next few weeks, as well as to the fact that users can now use Ether as collateral on the Anchor protocol, a lending and saving platform in Terra’s ecosystem.
Serum, a decentralized exchange (DEX) and an ecosystem that brings high speed and low transaction costs to decentralized finance (DeFi) was trading in the green as of press time. Serum is permissionless and is built on the Solana blockchain. At the time of writing, Serum was up in the last 24 hours by 17.35% at $6.82 following Solana’s rise.
Despite Bitcoin’s price dip taking its toll on the Altcoin market, selected Altcoins such as Audius (AUDIO, +50.73%), Shiba Inu (SHIB, +8.08%), Arweave (AR, +19.79%), DODO (DODO, +19.19%), Clover Finance (CLV, +14.05%), Kin (KIN, +16.43%), Fantom (FTM, +18.13%), Kusama (KSM, +12.02%), Huobi Token (HT, +11.81%) remained up, posting significant gains as of press time.
The Shiba Inu price may have received a nudge from the project’s developer team who announced a two-pronged strategy that appears to have set the rally in motion. These are the addition of new pairs on the decentralized exchange (DEX) ShibaSwap and a coin burn.
Arweave is a decentralized storage network that utilizes a new type of storage that backs up data with “sustainable and perpetual endowments” that allow users and developers to store data forever. AR rose to highs of $25.11 on August 16, while remaining significant up on the day.
The double-digit rallies seen from these tokens indicate increased optimism among traders with a special focus on DeFi and NFT tokens. However, maintaining this momentum will to some extent depend on Bitcoin’s (BTC) short-term price action. Bitcoin’s fundamentals portray seeming strength but analysts highlight the $46,500 as the key level to reclaim as support to sustain the current uptrend.
Why Audius (AUDIO) Rallied 93%?
Audius (AUDIO) rose from lows of $1.528 to reach highs of $2.962 on August 16, gaining nearly 93% in the process. This is not farfetched as Music-sharing protocol Audius became one of the first streaming platforms to partner with TikTok, allowing users to directly share tracks to the popular app. In a Monday announcement, Audius said it had partnered with TikTok in the creation of a new feature called TikTok Sounds.
According to a Rolling Stone interview with Audius co-founder and chief product officer Forrest Browning, the integration will allow users to export songs created with the protocol to TikTok with one click, to streamline the process.
This news helped boost AUDIO price while pushing it into the top 100 by market capitalization. At the time of writing, Audius ranked 90th while trading at $2.47.