Solana leaps 627% ytd, biggest jump for any crypto

The Solana market has spiraled by 627% since January 2023, a new yearly high for any cryptocurrency, according to an analysis by BanklessTimes.com.

“The thriving Solana market reflects the growing investor interest in its decentralised projects and great scalability options,” the site’s finance analyst, Alice Leetham.

“With the price surges in the last months, Solana is well-positioned to dominate the entire crypto community soon. The next few months will be crucial for Solana to build its foothold over other networks.”

For the second year in a row, Solana has outperformed both Bitcoin and Ethereum, the world’s two biggest digital currencies.

Solana is a blockchain platform that has superior high transaction speeds, processing over 2,500 transactions per second – main rival Ether’s is 15 – and at a lower cost and without compromising decentralisation.

The Solana network has retained a bullish market since the beginning of the year, considerably due to the uptick in users and more substantial investments. It currently has a market cap of $7 bln.

From $10.74 at the start of the year, Solana is trading on Coinbase at $93.46.

The daily active users on Solana’s network were up to 356300 by November 11, 10% higher than Ethereum’s.