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Solana (SOL) Hits New All-Time High at US$260.06, Becomes 4th Largest Cryptocurrency in the Crypto Market.

The Solana token (SOL) has increased by over 60% in the last 30 days to hit a new all-time high (ATH) at US$260.06 on November 7, 2021. In the last 90 days, the SOL price has increased by over 500%. In 2021 YTD (year-to-date), its price has seen a growth of around 17,500%. 

The Solana coin, which was released to the public in 2020, has surpassed behemoths such as Cardano (ADA) and Tether (USDT) to become the 4th largest cryptocurrency in the global crypto market. Its market cap is US$75.4 billion currently, surpassing USDT’s US$74.4 billion and ADA’s US$67.1 billion market capitalization. 

The price of the Solana token rose to an all-time high after a new investment fund was dedicated to GameFi (Web 3 gaming) by Solana Ventures, Lightspeed Venture Partners, and FTX. The popularity of Web 3 gaming has skyrocketed. The venture company wants to accelerate the adoption of the SOL coin by attracting more and more video game developers (on both mobile and desktop) to build their gaming projects on the public blockchain of Solana. 

After this bullish price surge, many analysts have started to compare Solana with that of the Eithereum platform. During an interview with CNBC, Matt Hougan, chief investment officer at Bitwise Asset Management, said:

“Solana is the leading Ethereum competitor… I wouldn’t put all my chips on it, but I’m a big fan.”

The main reason why many compare Solana with Ethereum is that both have smart contract capabilities, which are extremely important to run NFTs (non fungible tokens), DeFi (decentralized finance), and dApps (decentralized applications). 

Hougan also said:

“A lot of the fastest-growing applications of crypto technology have been built on Ethereum and rely on the Ethereum blockchain to function… If you’re investing in Solana, you’re betting that its technical sophistication will help it leapfrog Ethereum. “

This content was originally published here.

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