CNBC is one of the world’s largest cable news networks providing real-time financial market coverage, drop Bitcoin Cash (BCH) and Litecoin (LTC) and replaced by Solana (SOL). In the meantime, they will continue to cover news related to Bitcoin and Ethereum, two of the world’s most valuable crypto platforms and pioneers in their respective fields.
As of August 26, the reasons for CNBC’s abandonment of Bitcoin Cash and Litecoin could not be ascertained. What’s clear, however, is that they’ve been on the receiving end in recent days, and their valuations have been suffering over the past few years.
SOL input, BCH and LTC output
Despite BCH’s impressive gains in July, BCH has also retreated as the hype surrounding the U.S. approval of a bitcoin spot exchange-traded fund (ETF) faded. Bitcoin and BCH rose earlier after BlackRock filed with the SEC for a bitcoin spot ETF. Meanwhile, Litecoin dropped days after it halved miner rewards in early August.
Subsequently, BCH and LTC no longer entered the top 10 by market capitalization, and took their place with emerging smart contracts and transaction networks in recent years. With market capitalizations of around $4.8 billion and $3.7 billion respectively, LTC and BCH are among the top 20 most valuable currencies, ranking 16th and 18th on the leaderboard.
On the other hand, Solana to perch It ranks ninth on the market capitalization list with a valuation of $8.3 billion. The network ranks 10th ahead of Tron with 6.9 billion. SOL is also closing in on Dogecoin and Cardano, which have market caps of $8.8 and $9.1 billion, respectively.
NFT Events and the Rise of Solana Pay
CNBC chose to cover SOL while ignoring BCH and LTC, sparking discussions on social media platforms. On X, one user said the decision was an endorsement of Solana.he tip to developments “behind the scenes,” including a surge in non-fungible token (NFT) activity.
Number of NFTs minted on Solana in early July go beyond First generated from Ethereum since May 2022. This surge could be attributed to Solana’s high scalability, which means lower transaction fees, benefiting creators. OpenSea and Rarible are two popular NFT marketplaces around the world, supported 2022 Solana NFT. With their support, user transactions become easier, which can further boost blockchain activity.
In addition to NFT, the payment solution Solana Pay has also received attention. Earlier this week, leading e-commerce platform Shopify Fusion Solana Pay allows users to easily settle USDC payments. Solana Pay is supported by USDC issuer Circle and payment processor Checkout.
Featured image via Canva, chart via TradingView