– Solana price rallied nearly 50% in the past week, replacing BNB as the fourth largest asset by market capitalization.
– SOL outperformed BTC and ETH in trade volume on one of the largest crypto exchanges, Coinbase.
– SOL price crossed $100 on December 23, hitting the $109.28 level on Sunday.
Solana sustained its recent gains over the weekend, crossing the psychological barrier of $100.SOL outperformed the largest cryptocurrencies by market capitalization and ranked fourth, as seen in CoinGecko data.
Also read:
Optimism price could suffer a correction as on-chain metrics turn bearish
Solana ranks fourth in market capitalization
Solana, Ethereum alternative and the fourth largest asset by market capitalization rallied past BNB and XRP, with its increasing price.SOL price climbed 50% in the past week and 100% in the last month, the asset’s market capitalization hit $47 billion.
SOL price hit a new local peak of $118 on December 24.The Ethereum killer asset now rivals or surpasses Ethereum across decentralized exchange volumes, NFT volumes, active addresses, transaction count, stablecoin transfers.However,
Ethereum supporters argue that Solana is not decentralized.
Ryan Watkins, co-founder of Syncracy Capital argues that Solana has nearly 40% the amount of nodes as Ethereum, they’re only five times more expensive to run.Watkins believes Solana’s transaction cost and throughput is likely worth the trade off.
Watkins argues that
Solana needs to continue decentralizing its developer ecosystem, while the asset develops other aspects of its chain.
SOL price is $110.24 at the time of writing on Binance.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.
Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.
The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Bitcoin and Ethereum options market shows mixed signals, whales add to bearish positions
Bitcoin price hovered at a high of $44,000, and Ethereum sustained above $2,300 early on Friday.
Options data shows whales are adding to their bearish positions at a time when market sentiment is bullish.
More Bitcoin News
Three altcoins poised for bullish break: Fantom, MATIC and DENT
Fantom is in a crucial demand zone, with no major resistance in its path towards $0.79.MATIC price could rally to $0.91 as there is no major resistance once Polygon’s native token tackles the $0.86 level.
More Cryptocurrencies News
Bitcoin price could climb towards $48,000 target with upcoming US SEC approval on BTC Spot ETF
Bitcoin price sustained above $44,200 on Friday.The largest asset by market capitalization held on to its gains from the week as the market ushers in the report of likely Spot Bitcoin ETF approval by the SEC.
More Bitcoin News
Cardano on-chain metrics signal ADA holders should tread with caution
Cardano on-chain metrics signal the likelihood of a correction in ADA price as the altcoin’s holders engage in profit-taking.The Ethereum-killer altcoin rallied nearly 74% in the past month, sustaining above $0.61 on Friday, but this rally shows some signs of exhaustion.
More Cardano News
Bitcoin: BTC readies for home run in 2024 with two bullish fundamentals on tap
Bitcoin (BTC) price has been bullish in 2023, scaling up as it tried to plough back the ground lost following the Terra (UST) and FTX crashes of the preceding year.The trajectory took shape in spite of it being an eventful year, with BTC riding the wave of macroeconomic as well as industry-related developments.
Read full analysis.
