With an 18% increase in the last 24 hours, Solana (SOL) has surpassed BNB in market capitalization just one day after flipping XRP.
The Run
A strong 18% surge in the price of Solana SOL $112 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 $27 market cap of $41.8 billion. SOL is currently priced at $98.40, up 18% on the day.
Only a day earlier, on Dec. 21, Solana had surpassed 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.
Sources
According to CoinMarketCap, Solana last finished in fourth place in November 2021. Even with its $75 billion market worth at the height of the bull market cycle, it lagged behind BNB’s $108 billion.
Nonetheless, Solana’s price ended 2022 at a little less than $10, mostly as a result of its connections to the now-defunct FTX exchange and erstwhile cryptocurrency tycoon Sam Bankman-Fried. After a year, SOL has increased to about $100, ranking among the top-performing cryptocurrency assets of the year.
Additionally, there has been a noticeable surge in searches for Solana on Google Trends, which has nearly surpassed searches for Ethereum in the US.
US search trends compare Solana with Ethereum. Source: Trends on Google
Conclusion
Technical analysts have cautioned about the possibility of a significant drop before the year is out, though. The Solana team celebrated the “Solana Solstice” on December 21 and reviewed the year’s events, including the introduction of the Saga mobile device, the integration of artificial intelligence, institutional alliances, and the hoopla around Bonk (BONK).
Source: cointelegraph.com
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