Solana replaces Ripple as the world’s sixth largest cryptocurrency by market capitalization.
Solana replaces Ripple’s XRP
For Solana, the past 24 hours have been pretty eventful as it not only hit an all-time high of $ 214 in the meantime, but also surpassed XRP’s market cap to replace it for the world’s sixth largest cryptocurrency.
Despite the fact that all of the other top 10 coins have seen a decline in the past 7 days, Solana is still up 28%. As for many, 2021 was a big price boost for Solana. Since January, the coin has soared over 10,000% to the moon.
Solana’s conduct of the prince in 2021
At the beginning of the year, Solana barely traded above $ 2. Solana saw the first major price spike in May when it topped $ 54 on May 9th and 19th. But right after hitting the advertised price mark, it crashed hard as it fell below $ 22. From late May to mid-August, Solana then traded between $ 20 and $ 40. On August 15, Solana shot up sharply, crossing $ 100 by August 30. So no major correction before Solana hit an all-time high of $ 214, replacing XRP.
Solana is currently trading at $ 183 and is down over 12% in the past 24 hours. Additionally, Solana’s market is down 13% to $ 53 billion, down from $ 60 billion yesterday. Compared to XRP, Solana is still up about $ 3 billion as XRP’s current market cap is $ 50 billion.
What is Solana? A little look
One of the most unique and fastest solana is supported by a strong ecosystem. It uses neither proof-of-stake nor proof-of-work, but proof-of-history. Proof-of-history is the consensus mechanism that, in combination with Solana’s impressive block time, makes Solana the fastest contract blockchain in the crypto space with claimed tps of 65,000.