In an astonishing display of growth, Solana (SOL) has surged an incredible 800% over the past year, outperforming major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). According to Gecko Coin According to data, Solana is currently up 803% since last year.
In an astonishing display of growth, Solana (SOL) has surged an incredible 800% over the past year, outperforming major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). According to CoinGecko According to data, Solana is currently up 803% since last year.
Ethereum has outperformed Bitcoin in this time frame as final approvals for funds focused on the token are near. Notably, ETH has risen 51% since the beginning of the year, outpacing Bitcoin’s 45% rise.
Bitcoin performance is starting to be eclipsed by Ethereum and Solana tokens, as interest in U.S. cryptocurrency exchange-traded funds swings toward the two crypto assets. Bitcoin stole the spotlight with an impressive surge in early 2024 after the first U.S. spot ETFs for the largest digital asset went live in January.
Tomiwabold OlajideETF-fueled optimism propelled Bitcoin to a record $73,798 in March, but demand and price have cooled since then.
Solana rises thanks to optimism about ETFs
Solana recently posted its biggest gain in almost a month when VanEck, an exchange-traded fund provider, filed for a cryptocurrency-based product.
Following the filing of paperwork with the Securities and Exchange Commission (SEC), the SOL token skyrocketed as much as 11%, the most since late May.
VanEck, one of the first to launch spot Bitcoin exchange-traded funds (ETFs) in the United States, filed for a new Solana ETF on Thursday. The new fund, called VanEck Solana Trust, will be the first Solana ETF to launch in the United States.
Tomiwabold OlajideThe filing of VanEck’s Solana ETF comes weeks after the SEC approved the debut of Ether (ETH) spot ETFs in the United States on May 23, 2024.
At the time of writing, SOL had risen 4.92% in the last 24 hours to $145.69 and ranks as the fifth-largest cryptocurrency by market capitalization, according to data from CoinGecko.
