As a seasoned analyst with years of experience navigating the dynamic world of cryptocurrencies, I must say, the recent surge of Solana (SOL) over Binance Coin (BNB) to become the fourth-largest cryptocurrency by market valuation is nothing short of remarkable. This isn’t just a jump; it’s more like a giant leap for DeFi!
In simple terms, Solana (SOL) is now ahead of Binance Coin (BNB), taking the fourth spot as the largest cryptocurrencies in terms of market capitalization.
Success unfolded during a widespread market uptrend where significant altcoins experienced a massive spike. Notably, the foremost digital currency, Bitcoin (BTC), touched an unprecedented peak price exceeding $75,000.
Solana’s Weekly Performance Outshines Market
As an analyst, I can confidently say that my analysis of Solana’s performance over the past day has proven to be quite accurate. The token experienced a substantial 15.4% surge, catapulting its price to $185.30 and significantly increasing its market capitalization to a whopping $87.3 billion. This robust growth solidified Solana’s standing in the cryptocurrency market.
Over the past month, Solana (SOL) has experienced significant growth, boosting its already remarkable performance, with a 24% surge in price over the last 30 days alone. Furthermore, SOL has consistently shown weekly progress, rising by 2.2%, outpacing the global crypto market’s modest 1.2% increase during the same period. In comparison to other Layer-1 cryptocurrencies, Solana’s growth was even more impressive, with an overall expansion of approximately 1.4% in the same timeframe.
During this period, BNB saw a relatively smaller growth of 3.9%, giving it a market value that was approximately $2.5 billion less than Solana’s at around $84.8 billion. Unlike Solana, BNB did not perform as well as the overall crypto market, experiencing a decline of 3.6% over seven days. However, when looking at the past two weeks, its losses were relatively smaller, amounting to roughly 0.9%, according to CoinGecko data.
Bitcoin Rise Sets Stage for Altcoin Gains
The increase in Solana’s value is connected to a broader rise in altcoins, causing the overall crypto market value to soar to approximately $2.6 trillion. Bitcoin, being the top cryptocurrency, makes up nearly 60% of this total. Bitcoin reached more than $75,000, setting a new all-time high and positively impacting the sentiment in the rest of the market.
In addition to SOL, some notable gainers over the past day are Dogecoin (DOGE), which skyrocketed by 30% to reach $0.21, briefly surpassing the market value of XRP, currently standing at approximately $30.79 billion.
Besides Uniswap (UNI), Bittensor (TAO), Lido DAO (LDO), Injective (INJ), Sui (SUI), and Near Protocol (NEAR), various other altcoins have seen gains of over ten percent as well.
The uptick comes against the backdrop of an intense presidential race in the United States, where crypto is on the ballot.
In contrast, despite not showing any significant price movement within the last day (TRX), it’s worth noting that the Tron network has experienced consistent transaction growth for eight consecutive months.
yesterdays trading saw Monero (XMR) among the select few experiencing a dip, as its value dipped by approximately 0.8%, settling at around $159.
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2024-11-06 13:38