An optimistic day for the cryptomarket

After the sky-rocking price of BTC last week, the cryptomarket still shows optimistic signs.

Last Monday was an optimistic day for the cryptomarket. Solana is gaining the trust of users and became the sixth most popular cryptocurrency. Meanwhile, Brazilian ride-sharing service app 99 announced its plans to incorporate cryptocurrencies into its wallet.

There’s no doubt that cryptocurrencies are conquesting new markets. In a low-interest-rate world, investors are adding them to their portfolios, meanwhile, undeveloped economies are adopting them, such as happened with El Salvador. Currently, Bitcoin is a well-known asset and Dogecoin is a well-known cryptomeme. However, other cryptocurrencies are also becoming popular and Solana is one of the most interesting between them.

Solana, growing faster as its network

Solana broke a record and surpassed Ripple‘s market value, becoming the sixth-largest cryptocurrency in the world. The price for the SOL token, native to the Solana network, broke its price record earlier this Monday, 25. Most of the native tokens of first-tier blockchains followed the movement of bitcoin, which reached its historic high last week. 

SOL, Solana’s native token, a public blockchain supported by Sam Bankman-Fried, founder of cryptocurrency brokerage FTX, hit the $218.9 mark, according to TradingView.

According to data portal on the decentralized finance sector DeFi Llama, the total amount blocked (TVL) in Solana also reached its historical high, with approximately 13.91 billion dollars on Monday, 25. The TVL is a way to measure the amount of cryptoactives that are blocked in DeFi protocols.

Solana’s price rise also reflects a win for most tokens representing blockchains that host DeFi industry applications. At the moment, prices for virtually all top-tier blockchain tokens are positive for the past 24 hours, according to Messari.

99 digital wallet will have bitcoin cashback

The Brazilian ride-service app 99 announced that its digital wallet by app 99 will include in the platform the possibility for customers to receive cashback in the form of bitcoins, in the first foray of the group controlled by Chinese company Didi into digital coins.

The company explained that the app works separately from the 99 transport app. Therefore, it is not possible to pay for races directly with bitcoins, as the values ​​must first be converted into reais.

The modality, which goes into effect on November 3, is part of a set of features that 99Pay is including in the payments application launched in August 2020 to increase the frequency of customer transactions. Now, the app will also allow sharing messages with photos, comments and emojis, as in social networks.

According to the director of 99Pay, the inclusion of rewards in bitcoins is the result of research carried out by the company, which showed that 81% of digital bank users know or have heard about cryptocurrencies and that 54% do not invest in these assets, but are interested in starting.

As it will come in the form of cashback, clients will not need to be “an experienced investor or invest a large amount of money”, stated Orsolini Filho, in a note.

The digital wallet will also incorporate, in 2021, the option of dividing expenses within the platform, which can be used to share expenses at home in restaurants, for example.

The 99 initiative comes at a time when the expansion of the digital bank customer base begins to weaken in Brazil after more than a year amid accelerated growth during the pandemic, with investors now seeking information on how many customers in these portfolios make transactions and are able to provide profitability to the business.

Read also: Argentina Allowed Paying Bus Tickets with Bitcoin