Once again, the Solana ecosystem is being talked about for its exceptional performance. This time, it is not the total value blocked (TVL) that puts the platform in the spotlight, but its market capitalization. The latter has made a remarkable breakthrough. Here’s what it is.
A market capitalization of Solana which dominates the crypto market
The latest news is that Solana’s hegemony in the crypto market has reached an unprecedented high. This is evidenced by its market capitalization which exceeded $82 billion at the end of the day on Friday March 15, 2024.
Although it fell slightly to around $80.5 billion, this figure still eclipses the highest levels reached in 2021. This performance is therefore a record which is attributable to the increased circulation of SOL cryptos in the market for three years.
But the resurgence of Solana can be attributed to other factors. Firstly, the crypto platform was able to defy concerns about the possible fallout linked to the collapse of the FTX crypto empire.
Not to mention, it has benefited from growing mainstream adoption, including from well-known brands like Shopify and Visa. A craze linked to its speed and accessibility perceived by developers.
Solana, a formidable competitor for Ethereum
Recently, the price of SOL has skyrocketed. This outbreak is revealing. It has demonstrated its resurgence since December 2021. An advance positioning it as the best performer among the top 20 cryptos on the market.
With this trend, the Solana blockchain confirms its status as a formidable competitor to Ethereum. A status fueled by its reputation as a faster, but also more profitable alternative to Ethereum.
This status is further bolstered by the fact that Solana’s appeal has extended to memecoin traders looking for low transaction fees. This renewed interest has propelled SOL to the fifth largest digital asset in terms of market capitalization.
Note that currently, SOL is trading around 192 dollars. This price has increased significantly over the last 24 hours. In fact, the asset shows an increase in its valuation of 5.63% at the end of this period for a weekly increase of 31.74%! Besides Avanlache’s AVAX and its 33.17% weekly increase, none of the 10 best-performing cryptos on the market are doing better.
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