Solana Hits $200 as Bitcoin Records New All-Time High
A few days after flipping BNB to become the fourth-largest cryptocurrency by market capitalization, Solana reached $200 on Thursday night, a price it hadn’t seen in the last seven months. The token achieved the milestone immediately after Bitcoin set a new all-time high.
Although SOL has dropped to $198, according to data from CoinGecko, it is still up 5% in the past 24 hours. Notably, it’s one of the top performers among the leading 20 cryptocurrencies by market valuation in the last seven days, having recorded gains of 17%. Despite the latest rally, Solana remains 22.5% down from its peak price of $259.59 set in late 2021.
Bitcoin Reaches $76,787, Recording a New Peak Price
Meanwhile, Bitcoin peaked at $76,787 on Thursday after rallying 8%. However, it has plummeted to $75,935 as of this writing. The leading digital asset by market cap, which is almost flipping Silver, broke its previous all-time high of $73,729 earlier this week after Republican candidate Donald Trump was announced as the winner of the recently concluded presidential elections. Bernstein analysts have insisted that BTC will hit $90,000 before 2024 ends.
Understanding Solana
Solana is a top layer-1 blockchain that hosts a variety of crypto projects, from decentralized apps to decentralized finance, and tokens. Following the launch of PumpFun, a token-launching app, Solana has become popular among meme coin creators, with over 100,000 tokens already introduced via the platform.
While its latest rally is primarily driven by Trump’s victory, Coinbase’s announcement on Wednesday that it will bring Wrapped Bitcoin to Solana, a few months after launching it on the Base Chain, has also enabled SOL to cross major barriers.
For starters, Wrapped Bitcoin (WBTC) is a token compatible with other networks besides Bitcoin. It allows users to stake it on decentralized finance protocols to earn yield.
Other Leading Crypto Assets Mirror Solana’s Performance
The wider market has replicated Solana’s price performance in the past 24 hours. For instance, Ethereum is 4% to $2,857, BNB trades at $598 following a 2% surge, Cardano has rallied 13% to $0.42, Dogecoin is priced at $0.194 after a 3%, while XRP has increased by 6% to $0.55.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
