Moving up to the third spot among cryptocurrencies, Solana, with a market cap of $88.4 billion, has surpassed Binance Coin, currently valued at $86.7 billion. Could we see Solana increasing its lead further?
Solana leaves rest of the field behind
Looking at the graph provided, we notice that when Tether ($USDT), being a stablecoin, is excluded from the rankings, Solana (SOL/USD) currently stands as the third largest cryptocurrency in terms of market capitalization. With its advanced technology and rapid adoption rate, it seems that the Solana network could possibly expand the difference in value compared to the Binance network.
$SOL making higher highs and lows against $BNB
Examining the SOL/BNB exchange rate, it’s clear that Solana (SOL) has been on an overall upward trajectory since 2020. Notable dips suggest significant drops in SOL’s value relative to Binance Coin (BNB), but both the highs and lows have consistently risen. Recently, SOL has reached a new local high, suggesting that this current uptrend is likely to persist.
$BNB still a solid bet
In simpler terms, it’s likely that BNB (Binance Coin) will remain a smart choice as we move towards what could be the final year of this bull market. Binance, the centralized exchange, is expected to be a favored destination for individual traders and investors seeking to invest in their preferred altcoins during an altcoin season, if it occurs. Given that BNB can offer reduced fees and additional benefits, it makes sense to hold onto BNB coins.
Solana DEX’s taking the lion’s share of transaction fees
On the contrary, one could contend that decentralization holds the solution, and Solana-based DEXs (such as Jupiter ($JUP), Raydium ($RAY), Orca ($ORCA) among others) are dominating transaction and fee volume at present. Furthermore, with the introduction of the Firedancer validator client, while it’s yet to be proven in high-stress situations, its unmatched speed and scalability could potentially drive the $SOL token value even higher.
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2024-11-07 20:08