Solana (SOL) Surges Amid Stable Bitcoin and Ethereum
If you’ve been keeping an eye on the cryptocurrency market, you’ll notice that while Bitcoin and Ethereum have shown minimal movement in their values, Solana (SOL) has experienced a significant surge. In fact, SOL has climbed over 19% against the U.S. dollar, moving from $52.92 to a peak of $63.32, and despite a slight decrease, it still holds a 9% increase overall. As of November 15, solana boasts the sixth-highest trading volume among all cryptocurrencies.
Solana Rises Sharply Gathering Steam from South Korean Volumes
This week has witnessed a significant surge in the value of SOL, which has escalated by over 45% when measured against the U.S. dollar in the last seven days and showing a 167% rise over the past month. On Wednesday, November 15, 2023, SOL demonstrated a dynamic trading range, fluctuating between $52.92 and $63.32 per unit.
This marks a notable 19% increase from the opening price at the beginning of the day’s trading activities. Despite SOL’s impressive growth, it remains over 75% below its November 2021 peak of $259 per coin. During the last 24 hours, SOL notched a significant $3.31 billion in global trade volume and ranks as the sixth largest for the day. In terms of market capitalization among over 10,000 cryptocurrency assets, SOL also holds the sixth position.
On Wednesday, the dominant trading pair for Solana is USDT (59%), followed by USD (16.64%), KRW (12.3%), BTC (4.26%), and BUSD (2.18%). There is currently a modest ‘Kimchi premium’ observed for SOL in South Korea with prices at $64.34 per unit on Bithumb and $63.61 on Upbit, while the global average stands at $61.80 per SOL as of 12:26 p.m. (EST). At the same time, on Wednesday afternoon, SOL is the top trading pair on Upbit accounting for 7.65% of the exchange’s total trading volume.
Hot Take: Solana’s Surge Indicates Growing Interest
The recent surge in Solana’s value reflects growing interest in this cryptocurrency as it continues to make waves in the market despite relatively stable performances from Bitcoin and Ethereum. With its notable rise in value over the past week and month, Solana is showing promise as an increasingly popular choice among crypto traders.
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