English
Arabic
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek
One of the best performing crypto assets over the past day by a clear margin is Solana’s SOL token as it powers up the market capitalization charts.
Solana’s native token SOL is one of the top gaining cryptocurrencies in the top one hundred today, second only to its ‘cousin,’ FTX Token (FTT).
With a 22.7% gain on the day at the time of writing, the SOL market cap has just topped $50 billion as it flips Dogecoin for the seventh spot in the charts according to CoinGecko.
SOL is currently trading at an all-time high of $174 after gaining an impressive 58% since the same time last week. The next target for SOL is XRP which currently has a market cap of $63 billion after gaining 4% on the day.
Solana has now surpassed Polkadot, Chainlink, and Uniswap in terms of market capitalization.
/Related
MORE ARTICLES
Can Polygon (MATIC) Price Hit a New All-Time High Against Bitcoin (BTC)?
ApeCoin (APE) Price Could Leap 30% if It Moves Above This Level
ECB Official Wants Crypto Users Protected Under Online Gambling Laws
Why Is the Crypto Market Down Today?
Binance Coin (BNB) Price Jumped 7% This Week Despite FUD. Can Rise Continue?
Huobi Global Trading Volume Tanks After Rumors of Meltdown
Market cap top ten – Coingecko.com
Massive momentum for high-speed blockchains
Solana is a high-throughput, enterprise-grade blockchain that has been growing in adoption along with Ethereum Layer 2 platforms in recent months. It is backed by Alameda Research and the FTX Exchange, all under the umbrella of crypto billionaire Sam Bankman-Fried (SBF).
The current momentum is being driven by Bankman-Fried’s recent announcement that FTX would be launching an NFT platform for U.S. clients. NFTs will be minted and traded on Ethereum and Solana with deposits and withdrawals opening up in the next couple of weeks, he added.
SBF’s Alameda also invested in the Ethereum scaling solutions provider Arbitrum which launched to mainnet earlier this month following a $120 million funding round.
In a note to clients on Monday, JPMorgan Managing Director Nikolaos Panigirtzoglou observed:
“The August rally in non-fungible tokens and the pickup in decentralized finance activity have helped not only ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as Solana, Binance Coin and Cardano,”
FTT surges 25%
The only other crypto asset outperforming SOL at the moment is the native token of Bankman-Fried’s derivatives exchange, FTX.
The FTT token has also hit an all-time high during the Tuesday morning Asian trading session when it tapped $82. Over the past week, FTT has made a whopping 73%, outpacing even SOL’s mighty performance.
