Solana is now the fourth largest cryptocurrency in the world

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Solana has overtaken Cardano and Tether due to the growing interest in the SOL token. It hit a new high of $ 245.69 on Wednesday while other assets also skyrocketed.

Solana collects higher

Solana takes on names as it climbs the rankings of cryptocurrencies.

The high-speed blockchain has become the fourth largest cryptocurrency by market capitalization, overtaking both Cardano and Tether in the past week. The SOL token has rallied strongly amid renewed interest in the digital assets space, hitting a new all-time high of $ 245.69.

SOL / USD chart. Source: CoinGecko

Solana’s current move appears to be part of a broader trend that is boosting Layer 1 assets. Ethereum and Polkadot both hit new all-time highs recently, Terra and Avalanche are also getting close.

Commenting on the place of blockchain in the broader crypto ecosystem, during Solana’s recent rise, Anatoly Yakovenko, CEO of Solana Labs, praised Ethereum’s innovation and suggested that Solana’s success could not be driven by the potential failure of the proofs planned for 2022. of-stake merger driven by Ethereum.

Eth2 is a wild and crazy design. It has never been tried before, already has and will force a lot of new innovation. I can’t imagine a world where Solana succeeds because eth2 is failing.

– anat ◎ ly 🦀🤿🏒 🤙 (@aeyakovenko) November 3, 2021

Solana has risen nearly 17,000 percent since January, making it one of the best crypto investments of the year to date. The introduction of NFTs on Solana and the growing overall value of DeFi protocols like Raydium and Orca have contributed to the parabolic growth of the chain.

Solana’s market capitalization is currently around $ 72 billion. When it comes to challenging Binance Coin for third place, the SOL token must fill the 30% gap between the two assets.

Disclosure: At the time this feature was created, the author owned ETH, SOL, and several other cryptocurrencies.

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