Solana Moves Into 6th Largest Crypto Market Cap Position — SOL Valuation Targets Cardano’s Rank

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Solana Moves Into 6th Largest Crypto Market Cap Position — SOL Valuation Targets Cardano's Rank

The crypto asset solana has managed to capture more than 12% in gains during the last 24 hours and has recently positioned itself as the sixth-largest cryptocurrency market capitalization. The crypto asset’s overall market cap is around $62.2 billion, only 11% away from surpassing cardano’s market valuation at $69 million.

Solana Takes the 6th Spot, Market Valuation Nears Cardano’s Market Cap

On Friday, the crypto asset solana (SOL) has managed to take the sixth position in terms of the world’s largest crypto market valuations. At the time of writing SOL is swapping for over $203 per unit and is up 12.4% over the last day. Seven-day statistics indicate that solana has gained 37.5% this past week and during the last 30 days, SOL is up 68.2%. After the digital currency captured the sixth largest crypto position, a great number of people discussed the crypto asset on social media.

At 1:30 p.m. (EDT), the hashtag #solana had around 97,900 tweets with the hashtag present in the tweet. The fifth-largest market cap holder, cardano (ADA) has lost 1.0% during the last seven days and if SOL keeps up the pace, ADA could lose its position. ADA already dropped a few notches to the fifth position after it held the third-largest crypto market cap for months. Each ADA is exchanging hands for $2.14 and the crypto asset has a market valuation of around $69 million which is less than 11% higher than solana’s.

While Cardano Holders Saw 1,936% Gains in a Year, Solana’s Year-to-Date Price Increase Jumped 10,868%

Now, year-to-date, ADA has seen massive gains collecting more than 1,936% in value. However, solana’s year-to-date gains have been considerably larger as SOL investors made 10,868% in gains. While the crypto asset solana is doing better than cardano price-wise, SOL also has $6.57 billion in 24-hour global trade volume, while ADA has $2.1 billion today. The top five pairs swapping with SOL today include USDT, USD, BTC, BUSD, and EUR with USDT commanding 42.71% of all SOL trades.

ADA’s top trading pair is also tether (USDT) as the stablecoin captures 60.6% of all ADA swaps. The USDT/ADA pair is followed by BTC, USD, BUSD, KRW, EUR, and ETH in terms of cardano’s top seven trading pairs. Coingecko statistics show the most active cryptocurrency exchange swapping solana (SOL) on Friday is Binance. Market data on October 22, indicates that the most active exchange trading ADA is Binance as well.

What do you think about solana skyrocketing in value and capturing the sixth largest crypto market cap? Let us know what you think about this subject in the comments section below.

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