Solana dethrones BNB, ranks fourth largest cryptocurrency with 100% monthly gains for SOL holders

Posted under: Fintech
Date: 2023-12-27
Solana dethrones BNB, ranks fourth largest cryptocurrency with 100% monthly gains for SOL holders

Solana sustained its recent gains over the weekend, crossing the psychological barrier of $100. SOL outperformed the largest cryptocurrencies by market capitalization and ranked fourth, as seen in CoinGecko data. Solana, the Ethereum alternative and the fourth-largest asset by market capitalization, rallied past BNB and XRP with its increasing price. The SOL price climbed 50% in the past week and 100% in the last month, and the asset’s market capitalization hit $47 billion. The SOL price hit a new local peak of $118 on December 24. The Ethereum killer asset now rivals or surpasses Ethereum across decentralized exchange volumes, NFT volumes, active addresses, transaction count, and stablecoin transfers. However, Ethereum supporters argue that Solana is not decentralized. Ryan Watkins, co-founder of Syncracy Capital, argues that Solana has nearly 40% the number of nodes as Ethereum, but they’re only five times more expensive to run.

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