• Solana’s market cap exceeds PayPal’s at $83.56 billion following a 5.51% increase in SOL price over the past week.

  • PayPal, valued at $83.52 billion, now ranks just below Solana in market cap despite differing asset dynamics.

  • Solana’s valuation rise reflects the network’s expanded utility and market sentiment, fueling its rapid growth in cryptocurrency markets.

Solana (SOL) the fifth largest cryptocurrency in the world, has recently reached a market capitalization that exceeds PayPal, a significant milestone for the digital asset market. SOL’s price has surged by 5.51% in the last week and is now priced at $175.3 with its market capitalization rising above $83.56 billion. This figure positions Solana above PayPal as per its market valuation of $83.52 billion.

The Crypto Market sees stronger utility and interest 

This comparison shows that Solana has rapidly grown in the market. However, one must distinguish between both assets. These factors include market capitalization which associates Solana with the adoption rate, number of transactions as well as the markets’ sentiment. 

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PayPal is highly valued as a payment service provider due to its unique factors driving the cryptocurrency market. This comparison emphasizes the distinction between traditional financial instruments and cryptocurrency.

Solana incredible surge can be explained by looking at the price graph back to mid-October last year when Solana was moving within a range of $17.89-$30.36. Over the following 147 days, the cryptocurrency price surged by 847.26%, reaching new highs. This kind of growth has attracted much attention from investors and positioned Solana as one of the leading alternatives.

Comparison Highlights Asset Differences 

Though Solana's market cap now exceeds that of PayPal, comparing these valuations directly has its limitations.  Paypal, One of the first representatives of digital payments, appeared in 1998 with support from Elon Musk and remains the most prominent digital payment worldwide. Solana is a blockchain network; thus, unlike any fiat business, its worth would be linked to streaming revenue and total active users.

The post Solana Surpasses PayPal’s Market Cap, Reaches $83.56 Billion After Price Surge appeared first on Crypto News Land.