Solana’s price rally led it to position itself as one of the largest Blockchains hosted by NFT, in terms of market capitalization. Will we continue to see her conquer new heights?
The latest bull run in the cryptocurrency market is driving Solarium (SUN) to new heights.
SOL, the native cryptocurrency of Solarium, has conquered the fourth position of the main cryptocurrencies with the highest market capitalization. After registering an increase of almost 8% in the last 24 hours and reaching a new price record, the currency of Solarium rose in the ranking of cryptocurrencies surpassing Cardano (ADA) and to stablecoin Tether (USDT).
According to data from CoinMarketCap, SOL posted an all-time high near USD $ 250 on Wednesday of this week. The price rally has also caused an increase in the market capitalization of Solarium, USD $ 72.5 billion. The raise now places the token just below Binance Coin (BNB), and above ADA and USDT.
By comparison, the BNB market capitalization is $ 91 billion and that of Cardano It is USD $ 66 billion, at the time of publishing. The cryptocurrency ADA registers a slight price decline this Thursday, trading at $ 1.97, this is just over 60% below its all-time high of $ 3 USD registered in September.
Meanwhile, SOL is on a bullish streak; has risen 22% in the last week and is trading at USD $ 238 for the time of writing. Since January, Solarium has risen close to 17,000%, making it one of the best crypto investments of the year so far, in terms of ROI.
Solana ranks among the largest NFT Blockchains
The upward movement of Solarium seems to form part of a broader trend that drives Ethereum and the assets of rival blockchains. Polkadot has recently reached new all-time price highs, and Terra and Avalanche they also come closer.
During the recent rise in Solarium, the CEO of Solana Labs, Anatoly Yakovenko, commented on the place of the blockchain in the broader cryptocurrency ecosystem, praising the innovation of Ethereum and suggesting that the success of Solarium will not be driven by the possible failure of the merger of Ethereum to a proof-of-stake mechanism, an update planned for 2022.
Eth2 is a wild and crazy design. It hasn’t been tried before, it’s already has and will force a ton of new innovation. I can’t imagine a world where Solana succeeds because eth2 fails.
– anat ◎ ly ???????????? ???? (@aeyakovenko) November 3, 2021
But without a doubt, the last rally of Solarium is tightening the competition between blockchains third generation. After the climb, Solarium has positioned itself as one of the largest blockchains by market capitalization to host decentralized applications such as the now popular ones tokens non-expendable (NFT).
In this sense, NFT’s total sales of Solarium they have exceeded half a million dollars in the last three months. Solanart, the largest NFT market in Solarium, has registered a sales volume of USD $ 209 million in the last month, according to data from DappRadar.
There is no doubt that the accelerated adoption of NFT on Solarium, as well as the increasing total value locked (TVL) in decentralized finance protocols (DeFi) What Raydium and Killer whale, which currently reaches a total of USD $ 1.4 billion, have contributed to the parabolic growth of the network and the price of their SOL token.
Hannah Estefanía Pérez’s version / DailyBitcoin
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