During the recent price increase, Solana has surpassed Cardano and Tether. Solana rose to a new high of $245.69 on Wednesday, while other assets also increased in value.
Solana has surpassed Cardano and Tether in the last week to become the fourth-largest cryptocurrency by market capitalization.
Solana is now the fourth-largest cryptocurrency
Solana’s current move looks to be part of a wider trend feeding Layer 1 blockchain assets. The price of ETH and Polkadot have also recently hit new all-time highs. Terra and Avalanche have come close as well.
Anatoly Yakovenko, CEO of Solana Labs, spoke about the blockchain‘s position in the wider crypto market during Solana’s recent rise, complimenting Ethereum’s innovation and stating that Solana’s success will not be fueled by Ethereum’s Proof-of-Stake merge scheduled for 2022.
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Solana has increased almost 17,000% since January, the increased use of NFTs on Solana, as well as increasing total value secured by DeFi protocols like Raydium and Orca, have fueled the coin’s parabolic rise.
Solana’s market capitalization is presently about $72 billion. If the SOL token wants to take on Binance Coin for third place, it will need to close the 30% gap between them.
