Solana (SOL) has seen fresh gains to leapfrog Cardano (ADA) and USD Tether (USDT) to reach the coveted #4 position in the market. The now fourth largest digital currency by market capitalization rose around 7% earlier today to reach this feat. The cryptocurrency network is now worth a whopping $74 billion. It is absolutely crazy to think that the cryptocurrency was worth less than 1/6th of the current value just three months ago. It has become the latest success story to come out of the crypto sector and one of the star performers of the 2020-2021 bull run.
Solana is on a roll right now and rightly so. The programmable blockchain network with smart contracts feature has risen to new highs after another big price movement in the last few days that has propelled it above several top cryptos including Cardano (ADA). The next obvious target for Solana is Binance Coin (BNB) that has over $100 billion of valuation.
The last 24 hours began with Solana valued at $252. It was steady for a while before it started to post an increase. Late in the night, it posted its new all time high of $260 and then eventually came back down to $249 near press time. Solana has had a stellar October and the start to November now. It started at around $140 and has now posted an increase of 50% in this timeframe alone, leapfrogging some big old names in the crypto business. Overall, Solana has risen more than 17,000% during the last year alone, showing the explosive power of the crypto sector.
Solana’s parent company is also active in other areas. It has recently started a $100 million fund for the tech development and gaming sector. Its efforts will be exclusively on the Solana blockchain and with such high investment figures involved, the platform is expected to do good.
However, Solana is at a hyperbolic price increase right now and nearing its peak for this year so investors need to be careful in investing in the project. During the last bull run of 2017, many altcoins posted phenomenal growth like EOS, XRP, IOTA, DASH, VeChain, Bitcoin Cash, NEM and others. Now, most of them are a shadow of their 2017 self and other younger tokens have taken their place. This shows that altcoins come and go out of fashion very quickly and only a few of these hang around near the very top. That is the reality of the altcoin market and that is why, we need to extra careful in investing in them.
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