Solana Overtakes Ethereum
- PHPzOriginal
- 2024-08-08 18:17:26562browse
After a sharp decline earlier this week, the crypto market is showing signs of recovery. Solana is particularly notable for its success
The crypto market is showing signs of recovery after a sharp decline earlier this week. Solana (SOL) is performing particularly well, reaching a new record high against Ethereum (ETH).
On August 7th, SOL price reached $153.8, while ETH was trading at $2,516. Both cryptocurrencies have gained significantly in price following the recent market correction.
Solana Overtakes Ethereum
The SOL /ETH ratio now stands at 0.061, as shown on TradingView. This ratio indicates how many Solana tokens can be purchased for one Ethereum token. If the ratio decreases, it signifies that the value of one ETH relative to SOL is increasing.
Solana Price Analysis
The rising ratio, as observed in the present scenario, suggests the opposite – Solana is increasing in value relative to Ethereum. In other words, one ETH can purchase more SOL , possibly indicating greater investor interest in Solana.
The second-largest cryptocurrency by market capitalization fell to a yearly low of $2,114 this week. SOL also declined, reaching its lowest point in months at $110.23. Nevertheless, Solana has risen by 30% since then, while Ethereum has only gained 9.68%.
Solana (SOL) Price Chart by TradingView
Traders have long speculated that SOL could overtake ETH in market capitalization. While this event has yet to occur, Solana's rising price suggests that it could be on the horizon.
At press time, SOL trades at $152.55, reflecting an almost 8% gain in the last 24 hours. The asset's market value currently stands at $71.1 billion. Meanwhile, the Ethereum rate has stabilized at $2,500, showing a total decrease of 0.3% over the past 24 hours. The second-largest cryptocurrency on the market has a capitalization of over $302 billion.
About SOL
Solana is a blockchain platform designed for building highly scalable decentralized applications. At the core of Solana's architecture is a set of software algorithms that can overcome the performance bottleneck introduced by software when implementing a blockchain. As a result, transaction throughput can scale in parallel with network throughput. Particular emphasis is placed on ensuring that the architecture is scalable, secure, and decentralized, meeting the fundamental requirements for a blockchain system.
The Solana blockchain enables developers to build payment networks, marketplaces, prediction markets, and other applications that demand maximum transaction speed. Key advantages, besides speed, include minimal transaction fees (which remain negligible even with billions of users) and seamless interoperability between any second-layer projects.
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