Bull market? Reasons for the sharp rise of SOL and LINK, Bitcoin breaks through thirty thousand

Following the fake news incident involving Cointelegraph, Bitcoin (BTC) once again surpassed $30,000 on 10/23, while Ethereum (ETH) also reached $1,700 on the same day.

Top 10 Market Cap Coins: SOL, LINK with the Highest Price Surge

Among the top 10 market cap coins excluding stablecoins, the largest 30-day price surges belong to the public chains Solana SOL and Chainlink LINK: 59% and 53% respectively.

Looking at the 24-hour price changes, ETH, SOL, and TON all saw a 4% increase, while LINK had a significant 14% surge, making it the top performer among the top 10 market cap coins.

LINK's trading volume was relatively active today, with a "Volume/Market Cap" ratio of 0.21, compared to 0.02 for BTC and 0.03 for ETH.

It is worth noting that TON has a significantly low "Volume/Market Cap" ratio of 0.002 among the top 10 market cap coins, indicating a very low trading volume relative to its market cap.

Solana Receives Praise from VISA and Bankless, Break Point Summit

Despite being affected by the FTX bankruptcy event, many important protocols being compromised, and TVL not as high as before, the Solana Foundation continues to host hackathons and has a loyal development community with highly praised believers on Twitter. Additionally, there are some helpful news items:

• In September, Visa highly praised Solana, incorporating it into stablecoin settlement trials and collaborating on cross-border payments
• In September, the self-media Bankless praised that Solana's network interruptions have been significantly improved, with protocol revenues and TVL growing by nearly 50%
• At the end of October and beginning of November, the Solana Summit Break Point will be held in the Netherlands. This summit was hit by the FTX bankruptcy after completion last year, causing a major drop in SOL. However, this year seems to bring a lot of good news.

Chainlink to Launch Staking v0.2, Account Abstraction Applications

The oracle project Chainlink has always been an indispensable infrastructure for blockchain applications. In addition to its quoting services, it also has staking functions, CCIP communication standards, and its own smart contract ecosystem planning.

Recently, its staking service also launched Chainlink Staking v0.2 Early Access, allowing eligible users to adopt different staking schemes to earn rewards.

Furthermore, there is the Universal Gas Token. Chainlink plans to increase LINK's application scenarios through " Account Abstraction " to allow users to pay directly with LINK without the need for native Gas tokens.

News Does Not Directly Indicate Price Increases

Nevertheless, these news and updates do not directly indicate the reasons for price increases; they can only serve as post-event explanations. The driving force behind the ups and downs of the cryptocurrency market is not entirely organic behavior, so please invest cautiously.