Solana (SOL) Flips BNB, Gains 17% in 24 Hrs to Become Fourth Largest Crypto
Solana (SOL), the seventh-largest crypto asset by market capitalization, has flipped Binance Coin (BNB) to become the fourth largest cryptocurrency by market capitalization.
According to CoinMarketcap, the value of SOL surged by 17% in the past 24 hours to $40.6 billion. This surge came after a positive price action in the past few days, in which the absolute price of SOL has been increasing since April 1, and has more than doubled in just 10 days.
Binance’s native token BNB, on the other hand, has seen a slight drop in value since April 6 and after a brief respite mid-week, the digital asset fell 8.6% over the past 24 hours to $38.8 billion.
SOL has been in a bull market over the past few months as its fundamentals have improved, bolstered by enhanced developer activity on the Solana blockchain and new partnerships announced with Coinbase and FTX.
The SOL/USD trading pair is currently trading at $41.88, and is up by 17.3% from the same time yesterday. Meanwhile, the SOL/USDT trading pair is up by 17% at $41.777 since this time yesterday, with over $6.2 billion traded over the past 24 hours.
It will be interesting to see if SOL will stay in the top 4 market capitalization crypto assets, or fall back to number 5 in the rankings.