Solana Flips BNB To Become 4th-Largest Crypto, Is Ethereum Next
December 22 2023 - 7:00AM
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Solana has had one of the best price journeys this year, increasing
an outstanding 665% since January. The cryptocurrency has
particularly done well in the last quarter of the year, registering
price gains that were practically absent for the majority of the
year. This week, SOL flipped BNB to become the 4th largest
cryptocurrency and second-largest altcoin by market cap. At this
rate, Ethereum’s spot may be next. Solana’s Impressive Growth
Solana’s price movement this year has been nothing but surprising,
and it has no intention of slowing down anytime soon. At the same
time, Solana’s blockchain has grown in different metrics. The
growth can also be simultaneously linked to various airdrops in
Solana-based projects and the Solana Saga Phone which gave out 30
million BONK tokens, a Solana meme coin, for each new owner of the
phone. As a result, Solana overtook XRP in market cap rankings for
the first time ever, with the latter having a 1.82% price decrease
in a 7-day timeframe. Related Reading: Renewed Hope For Crypto:
2023 Sets The Stage For A Monumental 2024 Solana’s native token,
SOL, recently reached a yearly high of $99, helping the network to
also briefly overtake BNB in terms of market cap. According to data
from Coinmarketcap, SOL’s 24-hour trading volume increased by over
33% to over $5.86 billion. However, Solana has since
undergone a price correction and is now trading at $91. On the
other hand, BNB’s price growth has been slow this year, with the
crypto only registering a 9% gain in the past 365 days. At
the time of writing, BNB is trading at $269, a 22.7% decrease from
its yearly high of $348. Solana is now at loggerheads with BNB and
it is only a matter of time until it fully overtakes and claims the
position of the 2nd largest altcoin. SOL price recovers above $93 |
Source: SOLUSD on Tradingview.com Can Solana Catch Up With
Ethereum? The question now is whether Solana can catch up to
Ethereum, the second-largest blockchain network. While Ethereum
still dominates in the DeFi, NFTs, and smart contracts space,
Solana is continuing to acquire a growing share of the industry.
Related Reading: Shiba Inu Eyes $0.00002 As Shibarium Marks
Momentous Milestone In particular, activity on Solana has been on
par with Ethereum in the past few weeks, with the chains now
rivaling in terms of DEX volume, NFT volumes, active addresses,
transaction count, and stablecoin transfers. According to on-chain
analytics platform Artemis, total SOL trading volume on
decentralized exchanges reached $1.5 billion in the past 24 hours,
its highest so far this year. Source: Artemis Solana is currently
trading at $91, up by 17% in the past seven days, and is on its way
to breaking the $100 price level again. If the current pace of
price growth continues, we could see Solana revisiting its current
all-time high of $259 in the first half of 2024. However, Solana
still has a long way to go to match Ethereum’s network effects and
price. Ethereum’s total market cap currently stands at $278.3
billion, $244 billion more than Solana’s $39.4 billion market cap.
Featured image from Analytics Insight, chart from Tradingview.com
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