Solana SOL/USD touched a new all-time high of $227.42 on Tuesday night, emerging as the fifth-largest cryptocurrency by market cap, as per CoinMarketCap data.
What Happened: Solana’s market capitalization is valued at $68.66 billion and the cryptocurrency is now ahead of Cardano ADA/USD in those terms. ADA has a market cap of $65.26 billion.
ADA was formerly the fifth-largest coin and now takes sixth place in market cap rankings. Both cryptocurrencies are often dubbed as so-called Ethereum ETH/USD killers.
SOL traded 13.4% higher at $229.25 over 24 hours. In the same period, ADA rose 1.01% to $1.96. For the week, SOL has risen 12.75% while ADA fell 8.75%.
ETH also touched a fresh all-time high on Tuesday of $4,638.45. At press time, the second-largest cryptocurrency by market cap traded 6.77% higher at $4,605.18 over 24 hours.
SOL’s year-to-date gains now stand at a whopping 12246.39%, while those of ADA and ETH are 1017.63% and 530.25% respectively.
See Also: How To Buy Solana (SOL)
Why It Matters: Solana Chief Operating Officer Raj Gokal told Benzinga this year that the project’s “one global state” and “proof-of-history” features set it apart from its rival cryptocurrencies.
The cryptocurrency’s growth has been defined by non fungible tokens or NFTs, smart contracts and decentralized finance or DeFi.
Even so, there have been setbacks this year, including a high-profile outage that led to a 45-minute denial-of-service disruption in September.
Meanwhile, Cardano added smart contract functionality in September but the associated token fell victim to profit-booking post the rollout.
The technological journey of ADA continues with Cardano-founder Charles Hoskinson, stating in an ask-me-anything session on Saturday that the progress on Cardano’s layer-two scaling solution Hydra is continuing.
“We are going to keep adding resources to Hydra, and we've been trying to identify some teams so we can parallelize the workstream because it's such a high commercial priority,” said Hoskinson.
“It's going to be very important that we'll be able to offload a large number of the transaction traffic that's going to come from all of the apps that are coming."
Read Next: Loopring Crypto Beats Dogecoin To The Punch And Crosses $1 Mark
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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