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Solana has overtaken both Cardano and Tether amid rising interest in the SOL token. It hit a new high of $245.69 Wednesday while other assets also jumped.
Solana Rallies Higher
Solana is taking names as it climbs the cryptocurrency rankings.
The high-speed blockchain has become the fourth-largest cryptocurrency by market capitalization, overtaking both Cardano and Tether in the past week. The SOL token has rallied hard amid renewed interest in the digital assets space, putting in a new all-time high of $245.69.
SOL/USD chart. Source: CoinGecko
Solana’s current move looks to be part of a wider trend boosting Layer 1 assets. Ethereum and Polkadot have both recently hit new all-time highs, with Terra and Avalanche also coming close.
During Solana’s recent 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 won’t be driven by the potential failure of Ethereum’s Proof-of-Stake merge planned for 2022.
Eth2 is a wild and crazy design. It hasn’t been tried before, it’s already has and will force a ton of new innovation. I can’t imagine a world where Solana succeeds because eth2 fails.
— anat◎ly 🦀🤿🏒 🤙 (@aeyakovenko) November 3, 2021
Since January, Solana has risen almost 17,000% percent, making it one of the best crypto investments of the year so far. The adoption of NFTs on Solana and growing total value locked in DeFi protocols such as Raydium and Orca have contributed to the chain’s parabolic growth.
Solana’s market cap currently sits at around $72 billion. If it’s to challenge Binance Coin for the number three spot, the SOL token will need to close the 30% gap between the two assets.
Disclosure: At the time of writing this feature, the author owned ETH, SOL, and several other cryptocurrencies.
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