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

As a researcher with a background in cryptocurrencies and blockchain technology, I have been closely monitoring the market trends over the past year. The remarkable rise of Solana (SOL) has caught my attention due to its impressive 700% growth in just twelve months.

In the past year, Solana (SOL) has demonstrated exceptional growth, surging by a staggering 700%. This impressive increase outshines the achievements of other notable cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).

According to information from CoinMarketCap, Solana has experienced a remarkable gain of over 700% compared to last year. In contrast, Ethereum surpassed Bitcoin in growth during this period due to finalized approvals for ethereum-centric investment funds. Over the past year, Ethereum has expanded by 51%, outperforming Bitcoin’s 45% increase.

As of the present moment, Solana (SOL) occupies the fifth position among cryptocurrencies in terms of market capitalization. This year has been particularly favorable for SOL, with its value increasing significantly. At the current moment, you can purchase one SOL for approximately $145.6 on the market. A year ago, the price was around $20, and back in 2024, it reached a peak of $200.

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

As an analyst, I’ve observed that Bitcoin experienced a significant surge at the beginning of this year, reaching a new peak of $73,798 in March, largely due to the introduction of the first U.S. spot Bitcoin ETFs in January. However, the demand and price growth have since decelerated. Currently, Bitcoin’s performance is being overshadowed by escalating attention towards Ethereum and Solana.

The surge in interest towards Exchange-Traded Funds (ETFs) has significantly contributed to Solana’s recent upward trend, with VanEck’s application for a crypto-based product being a notable catalyst.

After VanEck submitted the required SEC documentation for a new Solana ETF, the value of SOL tokens saw its most significant surge since May, rising by up to 11%.

The VanEck Solana Trust marks a new offering from the company and represents the first Solana Exchange-Traded Fund (ETF) to be registered in the US. Following this announcement, the Securities and Exchange Commission (SEC) has given its approval for spot Ethereum (ETH) ETFs in the United States, effective May 23, 2024.

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2024-06-29 21:57