Solana Surges, Becomes 4th Largest Cryptocurrency
Solana’s native token, SOL, has been leading the recent price rally among altcoins. In just one week, SOL surged by 55% and reached over $110, making it the fourth-largest cryptocurrency. Other altcoins like DOT, UNI, NEAR, OP, and INJ have also seen impressive daily gains.
On the other hand, major cryptocurrencies like ETH, XRP, ADA, DOGE, BNB, TRX, LINK, AVAX, MATIC, and TON have experienced minor gains or insignificant losses.
The total crypto market cap has increased by $80 billion in the past week and now stands above $1.650 trillion on CMC.
Bitcoin Struggles to Break Above $44K
After a negative start to the week where BTC dropped to $40,500, it began to recover on Tuesday and Wednesday. Bitcoin surpassed $44,000 but couldn’t maintain its momentum and has been trading between $43,000 and $44,000 for the past four days.
Today, BTC attempted to break above $44K again but was rejected and is currently about $500 below that level. The dominance of BTC in the market has decreased to 51% on CMC while its market cap remains above $850 billion.
Hot Take: Solana Outperforms Bitcoin as Altcoin Surge Continues
Solana’s impressive rally has propelled it to become the fourth-largest cryptocurrency by market cap. While Bitcoin struggles to break above $44K and faces resistance in maintaining its upward momentum, altcoins like SOL have been experiencing significant gains. This trend highlights the growing interest and investment in alternative cryptocurrencies as investors seek higher returns. As the crypto market continues to evolve, it will be interesting to see how Bitcoin and altcoins perform in the coming weeks.
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