Solana Approaches $100 and Flips BNB in Market Cap Battle
Since Monday, Solana (SOL) has experienced a significant rally, surging by over 45% and approaching the highly anticipated $100 mark. This surge has allowed Solana to surpass Binance’s BNB and claim the position of the cryptocurrency with the fourth largest market capitalization. The collapse of FTX had a negative impact on the price and total value locked (TVL) of the Solana ecosystem, causing it to reach a low of $8 in December last year. However, in 2023, Solana made an impressive recovery and is now on the verge of reclaiming the $100 milestone.
Solana’s Challenge Against BNB for Fourth Spot
Solana and Binance’s BNB are currently engaged in a close battle for the fourth spot among cryptocurrencies with the highest market capitalization. Although Solana briefly surpassed BNB earlier today, it was unable to maintain its position. The price of Solana came close to reaching $100 on Binance, falling just $0.5 short of this milestone. If Solana manages to stay above $100, it will solidify its hold on the fourth position. As of now, BNB’s market capitalization stands at $41.75 billion, while Solana’s market capitalization is slightly lower at $41.44 billion.
The Historical Battle: Solana vs. BNB
In the past, Solana has never been able to surpass Binance’s BNB in terms of market capitalization. Even when Solana reached its all-time high in November 2021, it was still ranked below BNB based on market cap. On November 6, 2021, SOL had a market cap of nearly $78 billion, while BNB’s market cap was significantly higher at $106 billion, representing a difference of more than 25%. Despite its recent surge, Solana still has some ground to cover in order to overtake BNB’s market cap.
Hot Take: Solana’s Ascendancy and the Battle for Market Cap
Solana’s impressive rally and near-flip of Binance’s BNB in terms of market capitalization demonstrate its growing prominence in the crypto space. While it has made significant strides towards the coveted $100 mark, there is still work to be done in order to firmly secure the fourth position. The battle between Solana and BNB highlights the competitiveness and dynamism of the cryptocurrency market, where rankings can shift rapidly based on price movements. As Solana continues its upward trajectory, it will be interesting to see how the market cap battle unfolds and whether it can sustain its momentum.
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