Solana (SOL) has captured the spotlight with a significant 692% increase over the past year. This remarkable surge has positioned Solana as a formidable player in the crypto market and outpaced major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
According to a recent X post by the renowned crypto analyst Capo of Crypto, Solana shows bullish trends against the USD and BTC. As of now, SOL is trading at $142.32, marking a 6.32% increase in the past week. This extraordinary performance has garnered significant attention from investors and analysts alike.
Ethereum has also displayed a remarkable rise within the same time frame as the final approvals for the Ethereum exchange-traded funds loom. Since the beginning of the year, the price of ETH has gone up by 51%, outpacing the 45% of Bitcoin. This change in performance shows that investors’ attention is gradually shifting towards other digital currencies apart from Bitcoin.
Bitcoin, which initially captured the market’s attention with a notable rise at the beginning of 2024, has seen its momentum wane. The launch of the first U.S. spot ETFs for Bitcoin in January drove its price to a record high of $73,798 in March. However, since then, demand and prices have cooled.
On the other hand, Solana has recently experienced its most significant gain in almost a month. VanEck, a prominent exchange-traded fund provider, triggered this surge by filing for a cryptocurrency-based product. The filing of documentation with the Securities and Exchange Commission (SEC) led to the SOL token soaring by up to 11%, the most substantial increase since late May.
VanEck, one of the first firms to introduce spot Bitcoin ETFs in the United States, is now targeting Solana. On Thursday, the firm applied for a new Solana ETF, the VanEck Solana Trust. This is the first Solana ETF to be filed in the United States, and it is another sign of Solana’s growing influence in the crypto market.
Bitcoin Dominance Dips as Solana, Ethereum, and Dogecoin RallyThis submission is made after the US SEC allowed the spot ETH ETFs on the 23rd of May, 2024. Rather than allocating their funds towards conventional crypto ETFs, investors are eyeing Ethereum and Solana, which is shrinking the market share of Bitcoin.
The crypto market has shown a change and Solana has been on an upward trend and institutions have also taken an interest in it. Investors and analysts are now turning their attention to what Solana would do next as this particular digital currency is fast emerging as a major player in the market taking on the top coins.
