Solana Hits New All-Time High, Surpasses Cardano And Tether To Fourth Place
08 November 2021 - 7:55AM
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The Solana (SOL) ecosystem continues to see huge growth in the
market. SOL price touched another record high on Sunday, November
7, as it reached $260.06. Its price is up by almost 17,500% YTD –
from $1.51. SOL surpassed Cardano (ADA) and Tether (USDT) to become
the fourth-largest cryptocurrency with a market capitalization of
$75.4 billion. Related Reading | Is Cardano Fighting A Losing
Battle Against Solana? At the time of writing, it falls behind
Binance Coin (BNB) $109 billion, Ether (ETH) $546 billion, and
Bitcoin (BTC) $1.17 trillion. While it is creeping closer to
Ethereum, there is still a huge gap between both coins. Meanwhile,
ADA and USDT’s market capitalization came out to be $67.1 billion
and $74.4 billion, respectively. SOL Rises After $100 Million
Investment Initiative Solana’s rise to ATH comes just after its
venture capital arm Solana Ventures, Lightspeed Venture Partners,
and FTX spearheaded a new investment fund dedicated to Web 3
gaming, also known as GameFi. Web 3 gaming has skyrocketed in
popularity. Related Reading | Solana, FTX, Lightspeed Ventures
To Launch $100M Web3 Gaming Fund The venture company intends to
increase SOL adoption by attracting desktop and mobile video game
developers to build their projects on its public blockchain. With
SOL’s bullish run recently, many are comparing it to No. 2 crypto
Ethereum. “Solana is the leading Ethereum competitor,” Matt Hougan,
chief investment officer at Bitwise Asset
Management, said to CNBC. “I wouldn’t put all my chips on
it, but I’m a big fan.” SOL trading at $248.7 | Source: SOLUSD on
TradingView.com One of the reasons for this comparison is that both
ETH and SOL have smart contract capabilities. Smart contracts are
simply programs stored on a blockchain that run when predetermined
conditions are met. They are important in running decentralized
finance applications and non-fungible tokens. “A lot of the
fastest-growing applications of crypto technology have been built
on Ethereum and rely on the Ethereum blockchain to function,”
Hougan says. “If you’re investing in Solana, you’re betting that
its technical sophistication will help it leapfrog Ethereum.”
Solana And NFTs NFT industry data aggregator
CryptoSlam ranks Solana as the fourth-best NFT blockchain
behind Ethereum, Ronin, and Wax by 24-hour sales volume. The data
shows that Solana saw a record month for secondary NFT sales volume
during September with a total of $189.4 million. Related Reading
| Why Billionaire Chamath Palihapitiya Invested In The Solana
Ecosystem Secondary sales volume for Solana-based NFTs has reached
almost $500 million since the start of August. The biggest
collection of NFTs on the blockchain is the Degen Ape Academy
series of ape digital collectibles. So far, the Degenerate Ape
Academy has sold ape NFTs worth about 986,300 SOL. Mason Nystrom, a
Messari research analyst, remarked that how quickly the blockchain
has grown to be one of the top NFT blockchains in just a few
months. He also noted that as of November 1, Solana’s NFT secondary
sales reached $500 million in just three months. Featured image by
CNBC, Chart from TradingView.com
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