Solana Knocks XRP Down a Notch, SOL Taps Another All-Time High Rising More Than 400% in 30 Days
The cryptocurrency solana reached another all-time high on September 9 at $213 per coin. The digital currency’s market valuation has swelled significantly, pushing dogecoin from its position in the top ten last week. Tod...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The cryptocurrency solana reached another all-time high on September 9 at $213 per coin. The digital currency’s market valuation has swelled significantly, pushing dogecoin from its position in the top ten last week. Today, solana’s crypto market capitalization has managed to surpass XRP’s overall valuation, taking the sixth position in the top ten this week.
Solana’s Month-Long Tear Continues
Solana has managed to continue its ascent higher and higher as a great majority of the crypto economy coins have faltered in value. On Thursday, solana (SOL) reached an all-time high (ATH) at $213 per unit, and it’s a touch over 5.9% lower than that price point at the time of writing.
The higher price has ballooned the crypto asset’s overall market capitalization and for the first time, SOL knocked XRP down a spot in terms of the top ten crypto positions.
SOL also knocked DOGE down last week and today, solana’s market cap is hovering around $58.9 billion. Year-to-date, SOL has gained a massive 8,009% and a whopping 417% during the last 30 days. Today, SOL has $14.5 billion in global trade volume and the U.S. dollar is SOL’s top pair capturing 26.32% of all trades. This is followed by tether (USDT) with 21.5% of SOL swaps, bitcoin (BTC) with 18.57% of SOL trades, and BUSD with 14.73% of the market’s pairs.
Out of the $2.22 trillion crypto-economy, solana’s market valuation represents 2.64% of the entirety. The ecosystem surrounding the Solana project has seen a lot of growth as well, as Coin98 Analytics reports tether (USDT) has added a lot of tethers to the Solana chain.
“In less than a week, Tether has doubled its token release on Solana, from 390M to 790M,” Coin98 Analytics’ tweeted.
Coin98 Analytics data also shows that a $1,000 investment into solana (SOL) a year ago would produce a whopping $138,400 return. Solana has a great number of projects that are tethered to the network like Solfarm, Moonlana, Soluble, Solyar, Hedgehog, Luna Network, Solape, Sol Star, Hydraswap, Spiderswap, Popsicle, Traderdome, Cropperfinance, Kermit Finance, Lumos, Dexlab, Saber, and more.
What do you think about solana (SOL) capturing all-time highs this week? Let us know what you think about this subject in the comments section below.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on Bitcoin NewsRelated market context
Circle minted another 750 million USDC on Solana in the last 24 hours
Increased USDC liquidity on Solana may boost SOL demand, but its market impact depends on active circulation and broader crypto tr...
Solana hits 1.88M unique active addresses, its highest level in 13 months
Solana's surge in active addresses highlights its growing utility for stablecoin transactions, despite ETF outflows, signaling eco...
Bitcoin Rebounds After Rough Week, But Traders Are Pricing In More Downside
Bitcoin bounced after dipping to around $80,000. Traders are placing increasingly high odds BTC slips further before October is ov...
Samsung Wallet Brings USDC to 82M Galaxy Devices With Coinbase, Solana and Sui Support
Key Takeaways: Samsung Wallet will support 82 million U.S. Galaxy to add transfers on USDC. Coinbase will keep USDC in their Coinb...
Bitcoin ETFs Shed $729M in Two Days as Investors Reverse Course
Bitcoin Magazine Bitcoin ETFs Shed $729M in Two Days as Investors Reverse Course U.S. investors this week reversed course, cashing...
Ethereum Price Prediction: Is Tom Lee’s $25K ETH Target Too Ambitious?
Tom Lee’s $10,000 Ethereum price prediction implies a 1000% move from ETH’s current price at around $2,500. BitMine’s accumulation...