Key Takeaways
- Solana experienced an impressive 18% price surge in 24 hours, competing closely with Binance's BNB for the fourth spot in cryptocurrency market capitalization after surpassing XRP;
- Solana's performance over the past week has outshone its crypto counterparts, with a notable gain of over 30% in value;
- Despite being heralded as an "ETH killer," Solana still has a considerable distance to cover before it can pose a serious challenge to ETH's market cap dominance.
Solana (SOL) has experienced a remarkable 18% surge in its price over the past 24 hours, going hand in hand with BNB and fighting for the place of the fourth-largest cryptocurrency by market capitalization.
This achievement comes hot on the heels of Solana's recent triumph over XRP in terms of market cap.
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The cryptocurrency now boasts an impressive market cap of $40.5 billion, soaring close to Binance Chain's BNB, which sits at $40.6 billion.
At one point, it even managed to surpass it, but then flipped back to fifth place again. The last time Solana held the fourth position in market cap was in November 2021.
During the height of the bull market at that time, Solana boasted a market cap of $75 billion, but it remained in the shadow of BNB, which held a market cap of $108 billion.
Solana's impressive surge over the past week, gaining over 30%, has placed it in a league of its own within the cryptocurrency market.
The cryptocurrency community often touts Solana as an "ETH killer." Although, despite its recent gains, it still has a significant gap to close in order to challenge Ethereum's substantial market cap, which currently stands at $275 billion.
Solana did encounter significant turbulence in 2022, though, with its price plummeting to just under $10. This downturn was largely attributed to its association with the now-defunct FTX exchange and Sam Bankman-Fried.
However, fast forward to the present year, and we see how Solana has experienced a resurgence, with its price surging to nearly $100, establishing itself as one of the standout performers in the crypto market.
On December 21, the Solana team marked the occasion with the "Solana Solstice" celebration, providing an annual review of events.
This comprehensive review highlighted key milestones, including the Bonk (BONK) hype, the launch of the Saga mobile device, integration with artificial intelligence, and the forging of institutional partnerships within the Solana ecosystem.
