Solana Surpasses XRP as Fifth-Largest Cryptocurrency by Market Cap with 770% Year-to-Date Growth

Solana Becomes Fifth-Largest Crypto Asset

Solana’s price has risen over 770% this year, surpassing the native token of the XRP Ledger, XRP, and becoming the fifth-largest digital asset by market capitalization after the collapse of FTX.

FTX Collapse Affects Solana, But Solana Recovers

Before collapsing, FTX heavily supported the Solana ecosystem and was heavily invested in a number of tokens on the network. The collapse affected Solana by association, but the network has been steadily recovering.

Solana’s Market Capitalization

At the time of writing, Solana has a market capitalization of $37.45 billion, above XRP’s $33.5 billion market capitalization. Both fall behind BNB’s $40.7 billion, but stand in front of USDC’s $24.8 billion.

Solana Outperforming Other Cryptocurrencies

Solana has been outperforming most other leading cryptocurrencies, rising over 54% over the past month. In comparison, Bitcoin is up around 17.7% over the same period, while XRP rose by just 0.6%.

Solana’s Growing Adoption

Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.

Cryptocurrency Forecast

Analysts believe SOL’s price may continue to rise, with a popular cryptocurrency strategist predicting a major surge for it in the near future.

XRP’s Sluggish Performance

Meanwhile, XRP’s sluggish performance comes even after it formed a rare bullish pattern on its chart that prompted an analyst to call for a “parabolic move” for the cryptocurrency.

Hot Take: Solana Continues to Surge Despite FTX Collapse

Solana’s impressive surge has seen it become the fifth-largest digital asset by market cap. While there are some concerns over the collapse of FTX, the network has been steadily recovering, and it has been outperforming most other leading cryptocurrencies. With growing adoption and positive forecasts for its price, Solana appears to be on a path to further success in the crypto market.