As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the current surge of Solana (SOL) to above $200 and Bitcoin’s record high of $76,873 following Trump’s election victory has left me both intrigued and cautiously optimistic.
In simple terms, the price of Solana (SOL) surpassed $200, and Bitcoin (BTC) reached a fresh high of $76,873 in the wake of Donald Trump’s election win.
Per CoinMarketCap, Solana experienced a 6.2% increase over the last 24 hours and hit the $200 mark. On the other hand, Bitcoin dipped slightly, settling at $75,984. Similarly, Ethereum (ETH) also saw an uptick of 3.4%, reaching $2,911.
In response to the global rally, American stock exchanges mirrored the trend. Specifically, the S&P 500 ended its trading day with a 0.7% increase, while the Nasdaq Composite ascended by 1.5%. Remarkably, both indices reached new all-time highs.
As a researcher immersed in the dynamic world of cryptocurrencies, I find it captivating to note that Solana has surged past the $200 mark for the first time in seven months. More intriguingly, this digital asset has managed to outpace Binance Coin (BNB), propelling itself into the position of the fourth-largest cryptocurrency in the market.
Despite this, Solana has dropped by 22.5% from its peak of $259.59 in 2021. On the other hand, analysts at CNBC anticipate Bitcoin’s price to continue rising, with estimates suggesting it could reach $100,000 before January 2022, Trump’s inauguration.
A positive development for Solana occurred when Coinbase declared their intention to transfer Wrapped Bitcoin (WBTC) onto the Solana blockchain. This move enables users to interact with various Decentralized Finance (DeFi) applications.
In October, Solana recorded its all-time high of approximately 123 million monthly active addresses, primarily boosted by robust engagement in meme tokens and Decentralized Exchanges (DEX) such as Raydium, which reported more than $30 billion in trades for the month, according to DefiLlama’s data.
Trump’s victory has sparked optimism that American regulatory bodies could potentially greenlight a Solana-based Exchange-Traded Fund (ETF).
As Solana continues to gain traction, it’s not only surging ahead in Defi trading volumes but has also collected approximately $20.5 million in transaction fees during the past week, coming close to Ethereum’s $22.6 million. This surge of activity on Solana underscores its increasing allure due to its swift and affordable transactions, attracting more developers and users. Furthermore, Solana’s staking program is garnering attention, with around 66.9% of its total supply being staked at a yield of 6.5%, as reported by StakingRewards.
Trump’s victory has sparked optimism among some circles that American regulatory bodies could potentially endorse a Solana-based exchange-traded fund (ETF).
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2024-11-08 11:32