The price of SOL (Solana) continues to rise, so much so that the cryptocurrency’s market cap has surpassed that of ADA (Cardano).
Solana (SOL), $70 billion market cap
Today, SOL has set a new all-time high of over $234, thanks to which the market capitalization has nearly reached $70 billion.
ADA, on the other hand, is still 31% below its all-time high set on September 21, with a market capitalization of less than $68 billion.
SOL is currently in fifth place overall, not far behind Tether, which is not a real cryptocurrency but a stablecoin.
Binance Coin’s third place isn’t far off, as it capitalizes around 92 billion, whereas ETH ($538 billion) and especially BTC ($1,186 billion) are totally out of reach.
It is worth noting that behind Solana and Cardano is XRP, with about $56 billion, and not far behind is Polkadot (DOT) which, thanks to new highs, is now at $53 billion. Dogecoin and Shiba Inu are further behind.
Solana vs Cardano
The price of SOL has risen a lot in the last 24 hours (+11%), though it has been rising for two weeks, having risen 47% in 14 days. Compared to 12 months ago, it has risen an astonishing 15,500%.
In contrast, the current price of ADA is more or less the same as 14 days ago, and 7% lower than a month ago. The annual gain, however, is an excellent 2,170%.
Both Solana and Cardano are de facto competitors of Ethereum, as far as technological aspects are concerned, but lately, the Solana project seems to be evolving more rapidly.
Cardano is a project that started in 2017, and only this year finally managed to launch its smart contract platform.
Solana, on the other hand, is only about a year and a half old, and is already up and running, especially with NFTs, as well as DeFi and a fast and efficient network.
Solana’s growth
However, it is worth pointing out that the speed with which the project is growing has been somewhat to the detriment of security, given the problems encountered in the past year and a half, but the project now seems to be taking off.
According to DeFi Llama’s data, Solana’s TVL is now very close to that of the Binance Smart Chain, although it is still a long way behind Ethereum, with Terra and Avalanche close behind.
It is therefore by now a sufficiently mature project to allow some concrete use, even if not as massive as Ethereum. In such a scenario, it is indeed rather expected that the price of the token will rise rapidly.
The post Solana (SOL) overtakes Cardano by market cap appeared first on The Cryptonomist.
