Bitcoin and altcoins appear to be ignoring the headline of the U.S. dollar index soaring to a 20-year high as the British pound plummets to a record-low against DXY.
The strength of the U.S. dollar continues to negatively impact risk assets, but that did not prevent Bitcoin and select altcoins from staging a few strong rallies this week.
The project's developers cites Solana's ability to improve efficiency as scalability as reasons for the move.
Bitcoin and altcoins rallied ahead of the Fed’s rate hike decision, indicating that traders viewed the 0.75% rate hike as a “priced-in” event.
Uncertainty over the Federal Reserve’s upcoming rate hike is keeping Bitcoin and altcoins under pressure. This could change if the expected 0.75% bps hike is selected.
Daily transactions in the Solana blockchain consistently increased, ending with more than 40 million daily transactions compared to Ethereum’s 1 million daily transactions between April and June.