Solana (SOL) Surges, Briefly Overtakes Binance’s BNB in Market Capitalization
The cryptocurrency world is witnessing the meteoric rise of Solana (SOL), which recently saw an 18% increase in price in just 24 hours. This significant surge propelled the cryptocurrency to the fourth spot in terms of market capitalization, a position it had not reached in over two years. With a recent market cap of nearly $42 billion, SOL briefly surpassed Binance’s BNB.
As of writing, BNB has slightly regained its position over SOL, with respective market capitalizations of $40.6 billion and $40.2 billion.
An Unprecedented Performance
Solana’s momentum did not stop with this recent breakthrough. Just a day before this announcement, SOL had already surpassed XRP in market capitalization, following a 30% increase in the previous week. This performance positioned Solana among the top-performing cryptocurrencies, earning it the nickname “ETH killer” by some, although it still has a long way to go to catch up to Ethereum’s market capitalization of $269 billion.
Google trends also indicate a significant increase in searches for Solana, almost rivaling those for Ethereum in the United States. This demonstrates a growing interest and perhaps a broader recognition of its potential.
The Solana team also celebrated the year at their “Solana Solstice” event, highlighting milestones such as the frenzy for Bonk, the launch of the Saga mobile phone, AI integration, and institutional partnerships. Despite warnings from some technical analysts of a possible major crash before the end of the year, Solana continues to pave its way as a potential leader in the crypto space.
