Solana surpasses BNB to become 4th largest cryptocurrency, as market cap hits 86.8 billion
Solana gains bullish momentum
Solana has surpassed BNB in market capitalization, ranking fourth among cryptocurrencies by this metric.
Over the past 24 hours, Solana has surged by 15% and is currently trading above $185. This impressive growth allowed Solana to overtake Binance Coin (BNB) and become the fourth-largest cryptocurrency by market capitalization.
As of November 6, 2024, Solana’s market capitalization is around $86.8 billion, compared to BNB’s $83.1 billion, which has seen a 4.5% decline over the past week. Solana's growth is linked to increased network activity and higher transaction fees. For instance, the decentralized exchange Raydium on the Solana blockchain alone generates over $3 million in fees within 24 hours.
NFT Champion
Solana currently controls over half of the royalties from NFT sales, which, along with rising revenues, strengthens its native token, SOL, and attracts new investors. Despite high volatility in October, there is confidence in its continued growth. However, challenges may come from competing networks such as Polygon and Avalanche, reduced Ethereum gas fees, and occasional network outages that require further technical improvements.
CoinShares reports that Solana attracted $5.7 million in institutional investments in the week ending November 2, second only to Ethereum’s $9.5 million. This spike in interest stands out, as no other altcoin comes close to these figures. This commitment suggests that major investors still see promise in Solana despite short-term downturns.
