Cointelegraph Team
Cointelegraph
A strong 18% surge in the price of Solana (SOL $94) over the past 24 hours has boosted the cryptocurrency to the fourth spot in market capitalization — the first time it’s done so in over two years.
The latest surge catapulted Solana’s market cap to $41.9 billion, overtaking Binance Chain’s BNB (BNB $268) market cap of $41.8 billion. SOL is currently priced at $98.40, up 18% on the day.
SOLANA FLIPPED BNB pic.twitter.com/ISdrnGfoTb
— borovik.eth (@3orovik) December 22, 2023
Only a day earlier, on Dec. 21, Solana had surpassed XRP (XRP $0.62) in market capitalization.
It comes as SOL gained over 30% in the past week, outperforming all other major cryptocurrencies in the same timeframe.
However, despite the “ETH killer” moniker many of its supporters tout, Solana has a long way to go to catch up to Ethereum’s market cap of $269 billion.
Top 10 cryptocurrencies by market cap. Source: CoinGecko
The last time Solana was in fourth place was in November 2021, according to CoinMarketCap. Back then, at the peak of the bull market cycle, it had a market cap of $75 billion but was still behind BNB at $108 billion.
However, the price of Solana closed out 2022 at just below $10, mainly due to its association with the defunct FTX exchange and former crypto billionaire Sam Bankman-Fried. A year later, SOL has surged to almost $100, making it one of the year’s best-performing crypto assets.
Google Trends also shows a substantial increase in searches for Solana, which has almost closed in on searches for Ethereum in the United States.
Solana vs. Ethereum search trends in the United States. Source: Google Trends
However, technical analysts have also warned of a potential major crash before the year ends.
On Dec. 21, the Solana team looked back on the year in its “Solana Solstice” celebration and annual review of events, which included Bonk (BONK) hype, the launch of the Saga mobile device, artificial intelligence integration and institutional partnerships.
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.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.