Solana (SOL) has experienced a significant increase in the last 24 hours, rising over 16% and gaining a market cap of $41.8 billion.
SOL Surpasses BNB in Market Cap by Increased by Over 16%
This increase has made SOL the fourth-largest cryptocurrency by market cap, surpassing Binance Coin (BNB), which is valued at $41.1 billion.
During the same period, SOL's contract transaction volume on the network increased by a significant 32% to over 10 billion.
Simultaneously, open interest on SOL contracts reached 1.34 billion, positioning SOL as the second highest open interest behind Bitcoin (BTC) and Ethereum (ETH).
BitMEX founder Arthur Hayes has made notable moves in response to these market dynamics.
Hayes announced that he sold SOL and directed his investments to Ethereum (ETH). Moreover, he expressed a bullish outlook for ETH, predicting that the price could rise to $5,000.
Fam … I have a confession to make.
I received a msg from the Lord while meditating. He said dump that Sam coin POS, and profess your love for Archangel Vitalik.
So I dumped $SOL, and bot more $ETH.$ETH = $5,000
— Arthur Hayes (@CryptoHayes) December 22, 2023
SOL's rise in market cap and trading activity underscores the growing importance of the Solana blockchain.
Solana, a high-performance blockchain platform, continues to attract the attention of both developers and users with its scalability and low transaction costs.
*This is not investment advice.
