Solana Is Now the World’s Fourth-Largest Cryptocurrency

Solana Is Now the World’s Fourth-Largest Cryptocurrency

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Solana has overtaken each Cardano and Tether amid rising curiosity in the SOL token. It hit a brand new excessive of $245.69 Wednesday whereas different belongings additionally jumped.

Solana Rallies Higher

Solana is taking names because it climbs the cryptocurrency rankings. 

The high-speed blockchain has develop into the fourth-largest cryptocurrency by market capitalization, overtaking each Cardano and Tether in the previous week. The SOL token has rallied exhausting amid renewed curiosity in the digital belongings house, placing in a brand new all-time excessive of $245.69.

SOL/USD chart. Source: CoinGecko

Solana’s present transfer appears to be like to be a part of a wider development boosting Layer 1 belongings. Ethereum and Polkadot have each just lately hit new all-time highs, with Terra and Avalanche additionally coming shut. 

During Solana’s current rise, Solana Labs CEO Anatoly Yakovenko commented on the blockchain’s place in the wider crypto ecosystem, praising Ethereum’s innovation and suggesting that Solana’s success received’t be pushed by the potential failure of Ethereum’s Proof-of-Stake merge deliberate for 2022.  

Since January, Solana has risen nearly 17,000% p.c, making it one in all the greatest crypto investments of the yr thus far. The adoption of NFTs on Solana and rising complete worth locked in DeFi protocols akin to Raydium and Orca have contributed to the chain’s parabolic development. 

Solana’s market cap at the moment sits at round $72 billion. If it’s to problem Binance Coin for the quantity three spot, the SOL token might want to shut the 30% hole between the two belongings. 

Disclosure: At the time of penning this function, the creator owned ETH, SOL, and several other different cryptocurrencies. 

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