Solana Up 700% Last Year, Beats Bitcoin and Ethereum Growth

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As a researcher with a background in cryptocurrencies and blockchain technology, I have been closely monitoring the market trends and developments in the space. The impressive growth of Solana (SOL) over the past year has caught my attention, with its remarkable 700% increase outperforming other major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

In the past year, Solana (SOL) has experienced a remarkable surge of approximately 700%, surpassing the growth rates of cryptocurrency heavyweights such as Bitcoin (BTC) and Ethereum (ETH).

According to information from CoinMarketCap, Solana has experienced a remarkable gain of approximately 702% compared to last year. On the other hand, Ethereum surpassed Bitcoin in growth during this period due to finalized approvals for Ethereum-centric investment funds. Ethereum has expanded by around 51% since the start of the year, surpassing Bitcoin’s increase of 45%.

As a crypto investor, I’d put it this way: At the present moment, Solana (SOL) ranks fifth among cryptocurrencies by market capitalization, boasting a robust year so far. The current SOL price hovers around $145.6, while a year ago, it was priced at a mere $20. Its all-time high, reached in 2024, saw the price peak at an impressive $200.

Solana Up 700% Last Year, Beats Bitcoin and Ethereum Growth

This year, Bitcoin experienced a remarkable surge, fueled in part by the debut of the first US Bitcoin spot Exchange Traded Funds (ETFs) in January. Consequently, Bitcoin reached an all-time high of $73,798 by March. However, the demand and price growth have since decelerated. Currently, Bitcoin’s performance is being outshone by the growing popularity of Ethereum and Solana.

The surge in interest towards Exchange-Traded Funds (ETFs) has significantly contributed to Solana’s recent growth, notably with the application of VanEck for a cryptocurrency-related product.

Since the SEC approval of VanEck’s filing for a new Solana-based exchange-traded fund (ETF), the value of SOL tokens surged by up to 11%, marking their most significant increase since late May.

The VanEck Solana Trust marks a new addition to the company’s offerings and is the first Exchange-Traded Fund (ETF) based on Solana to be authorized in the US. This announcement follows the SEC’s approval of spot Ethereum (ETH) ETFs in the United States, which occurred on May 23, 2024.

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2024-06-29 22:30