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The cryptocurrency solana reached another all-time high on September 9 at $213 per coin. The digital currency’s market valuation has swelled significantly, pushing dogecoin from its position in the top ten last week. Today, solana’s crypto market capitalization has managed to surpass XRP’s overall valuation, taking the sixth position in the top ten this week.
Solana’s Month-Long Tear Continues
Solana has managed to continue its ascent higher and higher as a great majority of the crypto economy coins have faltered in value. On Thursday, solana (SOL) reached an all-time high (ATH) at $213 per unit, and it’s a touch over 5.9% lower than that price point at the time of writing.
The higher price has ballooned the crypto asset’s overall market capitalization and for the first time, SOL knocked XRP down a spot in terms of the top ten crypto positions.
SOL also knocked DOGE down last week and today, solana’s market cap is hovering around $58.9 billion. Year-to-date, SOL has gained a massive 8,009% and a whopping 417% during the last 30 days. Today, SOL has $14.5 billion in global trade volume and the U.S. dollar is SOL’s top pair capturing 26.32% of all trades. This is followed by tether (USDT) with 21.5% of SOL swaps, bitcoin (BTC) with 18.57% of SOL trades, and BUSD with 14.73% of the market’s pairs.
Tether Increases Solana Issuance, $1K SOL Investment Turns Into $138K
Out of the $2.22 trillion crypto-economy, solana’s market valuation represents 2.64% of the entirety. The ecosystem surrounding the Solana project has seen a lot of growth as well, as Coin98 Analytics reports tether (USDT) has added a lot of tethers to the Solana chain.
“In less than a week, Tether has doubled its token release on Solana, from 390M to 790M,” Coin98 Analytics’ tweeted.
Coin98 Analytics data also shows that a $1,000 investment into solana (SOL) a year ago would produce a whopping $138,400 return. Solana has a great number of projects that are tethered to the network like Solfarm, Moonlana, Soluble, Solyar, Hedgehog, Luna Network, Solape, Sol Star, Hydraswap, Spiderswap, Popsicle, Traderdome, Cropperfinance, Kermit Finance, Lumos, Dexlab, Saber, and more.
What do you think about solana (SOL) capturing all-time highs this week? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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