According to U.Today, Solana (SOL) has experienced an impressive 800% surge over the past year, outpacing major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Data from CoinGecko reveals that Solana has increased by 803% since last year.
During this period, Ethereum has also surpassed Bitcoin, with approvals for funds focusing on the token nearing completion. Ethereum has seen a 51% increase since the start of the year, outperforming Bitcoin's 45% rise. The performance of Bitcoin is being overshadowed by Ethereum and Solana tokens, as interest in U.S. cryptocurrency exchange-traded funds (ETFs) shifts towards these two crypto assets.
Bitcoin had a significant rise at the beginning of 2024 following the launch of the first U.S. spot ETFs for the largest digital asset in January. This optimism around ETFs led Bitcoin to a record of $73,798 in March, but demand and price have since cooled.
Solana recently experienced its largest gain in almost a month when VanEck, an ETF provider, filed for a cryptocurrency-based product. After submitting documentation to the Securities and Exchange Commission (SEC), the SOL token soared by up to 11%, the most since late May. VanEck, one of the first to launch spot Bitcoin ETFs in the United States, filed for a new Solana ETF on Thursday. The new fund, named the VanEck Solana Trust, will be the first Solana ETF to be filed in the United States.
VanEck's Solana ETF filing comes weeks after the SEC approved the debut of spot Ether (ETH) ETFs in the United States on May 23, 2024. At the time of writing, SOL was up 4.92% in the last 24 hours to $145.69 and ranks as the fifth-largest cryptocurrency by market cap, according to CoinGecko data.
