Solana defying the price crash. With 200 times the speed of Bitcoin in 2021. Fresh concerns have been raised about bitcoin and its rivals losing all the gains they earned in 2021. As a result of this week’s crypto market crisis, which wiped out hundreds of billions of dollars from the market.
The price of one popular cryptocurrency, on the other hand. Not only survived the turbulence undamaged. But actually rose to new all-time highs as a result.
In accordance with CoinMarketCap’s price index, Solana’s SOL coin reached an all-time high of $214.96 on Thursday. Setting a new record. It was worth less than $2 a year ago, when it was purchased.
Solana’s market capitalization has risen to more above $60 billion. Putting it past of both dogecoin and Ripple (XRP) for the first time this week. To become the world’s sixth most valuable cryptocurrency.
According to Alexandra Clark, a sales trader at the UK-based digital asset broker GlobalBlock. “The majority of the crypto market fell in tandem with bitcoin. Indicating the relative immaturity of the asset class and the market’s reliance on bitcoin.” “Solana, on the other hand, has been virtually unscathed. And has instead posted double-digit returns.”
However, it is possible that the underlying technology, which its supporters hope will someday. Enable it to compete with the likes of Ethereum (ether) and Cardano (ADA),. Has something to do with its ability to defy the market trend (ada).
Solana’s developers claim that their blockchain is “the fastest blockchain in the world” and “censorship-resistant.” And that it is capable of supporting smart contracts, non-fungible tokens (NFTs). Also other platforms in the rapidly emerging space of decentralised finance, according to their claims.
Currently, Solana’s ecosystem has over 400 projects
On Solana defying ecosystem, there are presently more than 400 projects in operation. And the SOL cryptocurrency sees approximately 1,000 transactions per second on average. The cost of each transaction is even more astounding than the volume. With each transaction averaging only $0.00025 on average.
A good example of such a project is Aldrin, a cryptocurrency exchange that combines. Both centralised and decentralized financial systems.
“Crypto will expedite what will be the most significant societal impact change of our lifetimes,” said Hisham Khan. The man behind the Aldrin launch. The blockchain technology, Ethereum, has been instrumental in restoring power. To the people, but it has remained prohibitively expensive and exclusive. Merely mimicking the wealth disparity that exists in traditional finance. The decentralization movement is becoming more widely accepted. Because of Solana’s efforts to remove entrance barriers and increase broad adoption.”
Despite the analogies to its open-source counterpart Ethereum (ether). Which has a market capitalization second only to that of bitcoin. Solana defying founders have worked hard to avoid such comparisons.
When asked about the Eth-killer issue, Solana Labs co-founder and CEO Anatoly Yakovenko responded, “I despise it.” Yakovenko made the statement during a developer conference earlier this month. “I work as an open source software engineer.
A common misperception regarding open source projects is that it is possible to terminate them. This is simply not the case. There is no way to put an end to Ethereum. “That’s not something we consider at all,” said the team.
Beyond the platforms themselves, the crypto tokens linked with them have piqued the curiosity. Of investors and traders alike throughout the bull market that has characterized the second half of 2021. SOL has outperformed all other stocks on price charts, and no other stock.