CNBC, certainly one of the world’s largest cable news networks providing real-time financial market coverage, has dropped Bitcoin Money (BCH) and Litecoin (LTC) and replaced them with Solana (SOL). Meanwhile, they may proceed to cover news related to Bitcoin and Ethereum, two of the world’s Most worthy crypto platforms and pioneers of their respective fields.
As of August 26, it couldn’t be ascertained why CNBC dropped Bitcoin Money and Litecoin. Nonetheless, what’s evident is that they’ve been on the receiving end in recent days, and their valuation has been suffering prior to now few years.
SOL In, BCH And LTC Out
Despite posting impressive gains in July, BCH has recoiled because the hype across the approval of a Bitcoin spot exchange-traded fund (ETF) in the US faded. Bitcoin and BCH rose earlier after BlackRock applied for a Bitcoin spot ETF with the Securities and Exchange Commission. Meanwhile, Litecoin is down days after halving its miner rewards in early August.
Subsequently, BCH and LTC are not any longer in the highest 10 by market capitalization and have emerging smart contracts and transactional networks which have taken positions lately. LTC and BCH have a market capitalization of around $4.8 billion and $3.7 billion, respectively, and are among the many top 20 Most worthy coins at sixteenth and 18th within the leaderboard.
Then again, Solana is perched at ninth out there cap leaderboard, commanding a valuation of $8.3 billion. The network is ahead of Tron, at tenth, with 6.9 billion. SOL can be closing in on Dogecoin and Cardano, whose market cap stands at $8.8 and $9.1 billion, respectively.
Rise Of NFT Activity And Solana Pay
That CNBC selected to cover SOL and dismiss BCH and LTC has triggered discussions in social media platforms. On X, one user said the choice was an endorsement for Solana. He pointed to the developments “behind the scenes,” including the spike in non-fungible token (NFT) activity.
In early July, the variety of NFTs minted on Solana surpassed those generated from Ethereum for the primary time since May 2022. The surge could possibly be attributed to Solana’s high scalability, which translates to low transaction fees, benefiting creators. OpenSea and Rarible, two of the world’s popular NFT marketplaces, supported Solana NFTs in 2022. With their support, it becomes easier for users to trade, which could further boost blockchain activity.
Beyond NFTs, Solana Pay, a payment solution, is finding traction. Early this week, Shopify, a number one ecommerce platform, integrated Solana Pay for users to settle USDC payments easily. Circle, the issuer of USDC, and Checkout, a payment processor, have supported Solana Pay.
Featured image from Canva, chart from TradingView