Tether has been surpassed as the fourth most valuable cryptocurrency by the high-speed Layer 1 blockchain.
Solana has surpassed both Cardano and Tether due to increased interest in the SOL token. It reached a new high of $245.69 on Wednesday, while other assets rose as well.
Solana Rallyes to New Heights
Solana is making a name for itself as it rises through the cryptocurrency rankings.
In the last week, the high-speed blockchain has surpassed both Cardano and Tether to become the fourth-largest cryptocurrency by market capitalization. The SOL token has risen sharply in response to renewed interest in digital assets, reaching a new all-time high of $245.69.
Solana’s current move appears to be part of a larger trend of increasing the value of Layer 1 assets. Ethereum and Polkadot have recently reached new all-time highs, with Terra and Avalanche close behind.
Solana Labs CEO Anatoly Yakovenko commented on the blockchain’s place in the larger crypto ecosystem during Solana’s recent rise, praising Ethereum’s innovation and implying that Solana’s success will not be driven by the potential failure of Ethereum’s Proof-of-Stake merge planned for 2022.
Eth2 is a wild and crazy design. It hasn’t been tried before, it’s already has and will force a ton of new innovation. I can’t imagine a world where Solana succeeds because eth2 fails.
— anat◎ly 🦀🤿🏒 🤙 (@aeyakovenko) November 3, 2021
Solana has risen nearly 17,000% since January, making it one of the best crypto investments of the year so far. The adoption of NFTs on Solana, as well as the increasing total value locked in DeFi protocols such as Raydium and Orca, have aided the chain’s parabolic growth.
Solana’s market capitalization is currently around $72 billion. If the SOL token is to challenge Binance Coin for third place, it must close the 30% gap between the two assets.