As Bitcoin and Ethereum drop after a quick ascent, the surge of Solana (SOL) continues. SOL hit a new all-time high of US$102.07 today, with its market cap reaching over US$29 billion. The world’s eighth largest cryptocurrency has been consecutively hitting new all-time highs in the past four days.
- The market cap of SOL increased by around 40% in the past seven days, and its price by around 35%, making it the best-performing cryptocurrency among the top 10 in the past week.
- Solana has been marketed as a potential rival to Ethereum, which currently hosts the vast majority of DeFi, while Solana has an edge as the world’s first web-scale blockchain and currently the fastest network in the industry.
- Solana saw more inflows than any other digital assets in the third week of August, totalling up to US$7.1 million.
- SOL’s surge is backed by a slew of positive news including its entry into the NFT space, the recent launch of a cross-chain bridge called Wormhole, and Solana’s potential foray into Wall Street, as Osprey Funds registered the Osprey Solana Trust with U.S. securities regulators Tuesday.
- The latest surge of SOL surfaced days after Solana released a teaser video about “Ignition,” which would come on Aug. 31. It is speculated that “Ignition” will be a catalyst to make SOL bids higher.