financemagnates.com
Solana ($SOL), one of the largest digital currencies in the world, is now more valuable than $XRP. $SOL touched an all-time high of $214 on Thursday after the surge of more than 22% in the last 24 hours.
According to Coinmarketcap, Solana is the 6th largest cryptocurrency in the world with a market cap of over $60 billion. $SOL’s market cap is more than Dogecoin (DOGE), $XRP, Polkadot (DOT), Uniswap (UNI), USDC, and Bitcoin Cash (BCH).
Solana is currently trading above $200 with a crypto market dominance of over 3%. $SOL jumped by more than 80% within the last seven days. During the latest crypto volatility on 7 September, Solana touched a low of nearly $130 but recovered quickly and reached another all-time high on Thursday.
$SOL remained the best-performing digital asset among the top 10 in 2021. The world’s 6th most valuable cryptocurrency started this year at a price level of just $1.5. Solana’s price has jumped by approximately 13,900% in 2021 so far. On the other hand, $XRP saw gains of nearly 400% this year.
Solana Investment Products
During the recent bullish rally in Solana, institutional interest for $SOL has increased sharply since the start of August 2021. Last week, Solana investment products attracted record inflows of $13.2 million. “Solana remains the favorite with weekly inflows totaling US$13.2m last week, doubling its total inflows year-to-date. While AuM has grown from US$15m the previous week to US$44m last week,” CoinShares, Europe’s largest digital asset manager, mentioned in its latest digital asset weekly fund flows report. Earlier this month, Solana’s total market cap jumped above $40 billion and $SOL became more valuable than Dogecoin.
The crypto market saw immense volatility this week as Tuesday’s $400 billion market sell-off triggered panic among retail and institutional investors. However, the market recovered quickly and added nearly $200 billion in the last 24 hours. At the time of writing, the total market cap of digital currencies stands at around $2.1 trillion.