Solana (SOL) is extending its breakthrough for the year as its record-breaking transaction volume exceeds that of Ethereum (ETH) on key trading platforms.
The intriguing performance of Solana has placed the cryptocurrency on the radar of most traders. At press time, the digital currency soared as high as 12.23% in the past 24 hours to $87.18. In tandem, Solana’s market capitalization has jumped by more than 12% to $37,245,046,339, as the 24-hour trading volume recorded a 100% jump to $4,455,508,322.
With the current outlook, Solana has now surpassed XRP in market capitalization, as the latter is now worth just $33,431,974,071.
Solana Outranking Ethereum
According to insights from Kaiko Researcher Riyad Carey, Solana’s trading volume on Upbit has surpassed that of Ethereum for 55 consecutive days. The same trend surfaced on MEXC, where Ethereum’s volume has lagged behind Solana’s for 15 days straight.
Kraken and Coinbase Global Inc are not left behind, with Solana outpacing Ethereum for 9 days out of the past 14 on the former and 3 of the past 13 days on the latter. This impressive performance has also rubbed off on the differentials in the price of the two assets,
SOL has done more volume than ETH:
9 out of the last 14 days on Kraken
3 out of the last 13 days on Coinbase
The last 15 days straight on MEXC
The last 55 days straight on Upbit
— Riyad Carey (@riyad_carey) December 20, 2023
While Solana has jumped by 345% in the past 3 months, Ethereum has only managed to grow by 40% within the same period. With the growing debate about Ethereum and Solana, by all metrics, the latter is winning as a high-performance outfit, however, its market capitalization is a fraction of the $270,614,040,135 that Ethereum boasts of.
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The Solana Advantage
As blockchain networks with established developer ecosystems, it is worth noting that both Ethereum and Solana have robust developmental activity at this time. The shift in embrace, however, is based on sentiments that most traders are nursing at times.
While Shiba Inu (SHIB) and other Ethereum-based memecoins have helped elevate the status of the blockchain in times past, investors are now more gravitating to BONK, the sensational memecoin built on Solana. The debut of an airdrop for BONK and Solana Mobile phone owners has also driven sentiment through the roof in recent times.
Besides the influence of BONK, the fact that all fears related to the liquidation of SOL as a major asset owned by bankrupt FTX Exchange have been allayed is further giving investors the confidence to go all out on the coin. For its ecosystem potential, top firms like VanEck have tipped Solana to hit a high price target of $3,211 before the end of this decade.