Solana (SOL) hits all-time high, ousting Ripple (XRP) in market capitalization

The native cryptocurrency of the Solana blockchain (SOL) has reached a new all-time high and has overtaken XRP in 6th place in market capitalization.

According to CoinGecko, SOL hit a new all-time high today at $ 218.25. SOL had been rising steadily since September 21st, but the upside momentarily stalled on October 3rd after SOL was turned down in the USD 170 resistance area. However, SOL broke out on October 19 and has been rising at an accelerated rate since then. After hitting the new all-time high, the next resistance could be found at $ 277.

With the rise in market capitalization, SOL has now surpassed XRP at # 6 with a market capitalization of $ 64 billion. Just $ 5 billion less than fifth, SOL could be next for Cardano.

NFTs and FTX

Both Solana and its affiliate FTX have been on the rise lately, especially when it comes to NFTs. In early October, a Solana Monkey NFT sold for a record-breaking $ 2 million, just a month after the first NFT was sold on the Solana blockchain. The NFT in question is part of the 5,000-strong ‘Solana Money Business’ collection and goes by the simple name ‘Solana Monkey # 1355’. This latest sale far exceeds the average retail price for a Solana monkey, which, according to Solanalysis, sold for an average of 422 SOL, about $ 74,272 per monkey.

Meanwhile, FTX has launched its own NFT marketplace which allows users to coin and trade Solana NFTs. Currently, NFTs deposited on the new FTX US market must be quoted in Solana (SOL). If the NFTs are minted on FTX US, they can also be listed in ETH and USD via ACH payment or credit cards. The platform charges both buyer and seller a 2% fee for any sale or trade, plus a $ 1 fee for minting or listing your own NFT art.

In a series of tweets at the start, FTX US President Brett Harrison cleared up some open questions about the platform. He explained that users who currently have NFTs from collections that are not verified by FTX can still drop them off and be reviewed and verified. Harrison added that unlike NFT creators, NFT owners couldn’t get royalties from their digital purchases.

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