Despite Broad Crypto Downturn, #Solanaš Hits $200 Range and Overtakes $BNB
In contrast to the overall #cryptocurrency market, which has seen a modest downturn, Solana (SOL) has defied the trend with impressive gains. Over the past 24 hours, SOL has surged by 12.2%, and in the last week, it has seen a remarkable 43% increase against the U.S. dollar. Currently, SOL has surpassed the $200 mark per coin & is closing in on BNB's market capitalization.
SOL's Remarkable Growth
As the native cryptocurrency of the Solana layer one (L1) #Blockchain network, SOL has experienced significant value growth recently. Over the past month, SOL has surged by 85%, and over the past year, it has soared by over 850%.
At the time of writing, SOL is priced at $202 per coin, boasting a market capitalization of $90 billion. This positions it as the fourth largest cryptocurrency by market capitalization. Notably, SOL has overtaken BNB's market capitalization of $86 billion, reclaiming its former spot among the top ten cryptocurrency leaders. While SOL has climbed by 12%, BNB has seen a decline of 1.97% against the U.S. dollar.
On March 17, 2024, SOL also ranks fifth in terms of trading volume among all cryptocurrencies, with a total trade volume of $11.9 billion over the past day. Excluding stablecoins, SOL would hold the third-highest volume spot. Notably, SOL's strongest trading pair is with Tether (USDT), followed by the U.S. dollar, FDUSD, the Korean won, and bitcoin (BTC).
In the last 24 hours, the Korean won (KRW) represented 6.62% of SOL's trading volume, with SOL trading at a premium of $223 per unit in South Korea compared to its global average of $202. SOL trades accounted for 9% of Upbit's volume and 5.12% of Bithumb's volume.
While SOL's performance has been impressive, it has yet to reach its all-time high (ATH) of $259 per coin, requiring a 21% increase to revisit its peak price. This ATH was achieved over two years ago, on November 6, 2021, during a period when SOL was trading at its current value.
Source - news.bitcoin.com
