Solana Flips XRP While Other Altcoins Suffer Losses
On Sep 09, 2021
While Bitcoin and many other altcoins display red candles, on the other hand, Solana flips XRP and becomes the 6th largest cryptocurrency.
As one of the trending cryptocurrencies of recent times, Solana spikes despite the whole market loses around 200 million market capitalization. Even though the market plunges with the sharp decline of the Bitcoin, price of Solana did not decrease, even hit a new high price during the day.
Solana was able to resist the market fluctuations and SOL/USD exchange pair hit $215 on September 9th. SOL marked the all-time high price while other altcoins experienced a significant drop. Since August 15th, Solana managed to rise about 400% from $43 to $215. Within 7 days, SOL almost doubled the price.
The price spike has affected the market capitalization of Solana. After the records breaking price rise of Solana, XRP has been flipped and Solana became the 6th largest cryptocurrency due to the market capitalization. At the time of writing, the price of Solana was $200, and the market capitalization was $57.6 billion. If Solana increases by 20-25% then it can go up even further and become the 4th largest cryptocurrency.
NFT Craze on Solana
The price rise is explained by the investors’ increasing interest in NFT. The popularity of NFT on the Ethereum blockchain is undeniable, and Solana has become the new rival to Ethereum. On August 15th, the NFT platform, Degenerate Apes has launched on Solana, and 10 thousand pictures have been sold within a few minutes. Approximately $5.9 million worth of NFT cartoons has been sold. NFT news has not ended, and FTX has announced the integration of Solana into their NFT marketplace. The NFT became a price-determining factor and pushed up SOL above $200.
Besides NFT projects, Solana continues to grow with other DeFi projects as well. According to SolanaProject, there are different 191 projects on the Solana blockchain. The total value locked in Solana has reached $8 billion with a 433% increase within a month. The graph shows that the TVL was $1.5 billion months ago and with a dramatic rise it reached $8 billion.
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