Crypto markets are experiencing a pullback, with Bitcoin slipping below $95,000, despite earlier optimism that the $100,000 milestone was within reach. Meanwhile, Solana, which recently hit a new all-time high (ATH), continues to capture attention. Analysts predict that SOL’s price will recover quickly, as Bitcoin’s rise above the milestone remains imminent despite current market conditions.
But will Solana reach $300 in 2024? And if so, can it surpass Tether to become the third-largest cryptocurrency?
Solana Joins the $100 Billion Club
Thanks to its recent price surge, Solana has joined the ranks of cryptocurrencies with a market capitalization exceeding $100 billion, alongside Bitcoin, Ethereum, and Tether.
Tether’s market cap has seen a notable increase since the beginning of the month, climbing from $123 billion to over $132 billion, an 8% rise. This growth has been fueled by the issuance of new USDT, which surpassed $15 billion in November. As a result, Tether maintained its stable value of $1 throughout the month.
Meanwhile, Solana has surged by nearly 70%, reaching a new ATH above $262, boosting its market capitalization from $2.82 billion to $124.5 billion. Furthermore, decentralized exchanges (DEX) on the Solana blockchain have hit a significant milestone, recording a monthly trading volume of over $100 billion, surpassing Ethereum by more than 100%.
The Impact of Unlimited Supply
Neither Solana nor Tether is limited by a maximum supply, meaning that an unlimited amount of USDT or SOL can be created.
Tether: Increased issuance of USDT can provide more liquidity to the market.
Solana: Conversely, a surge in SOL issuance may reduce demand and negatively affect its token value.
Despite this, Tether remains dominant among the top 5 cryptocurrencies. However, Solana’s 4000% increase in market cap within days suggests that Tether’s position could be at risk.
Solana Aims to Become the Third-Largest Cryptocurrency
Solana bulls are now targeting a price of $300 by the end of 2024, potentially making Solana the third-largest cryptocurrency behind Bitcoin and Ethereum. If this prediction materializes, its market capitalization could exceed $150 billion.
Bitcoin’s further price gains could also fuel a rise in SOL’s value, solidifying its place among cryptocurrency giants.
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