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Solana Overtakes Tether to 4th- top cryptocurrency as its price hits all-time high




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Solana (SOL), one of the popular and top cryptocurrencies with the high-performance proof-of-stake blockchain, hit a new all-time high of $245.69 on Thursday morning Nigerian time and right now it has taken over the fourth position ranking as the top cryptocurrency by market value according to CoinMarket Cap data.

Solana's price surge comes ahead of the inaugural Breakpoint conference organized by the Solana Foundation, which will be held from November. 7 to November. 10 in Lisbon, Portugal.

Solana has been one of the hottest blockchains of the moment since it was launched in March 2020, with the price of Solana skyrocketing by 16,000% since the start of the year.

Solana is currently trading at $240 as at the time of writing this line, with a market cap of $72.40 billion, just a touch away from Tether with a market cap of $71,46 billion according to CoinMarket Cap data.

Investment from institutions into Solana is also one of the reasons for its performance. according to digital asset manager CoinShares, Solana investment products last week saw inflows of $15 million, bringing the total Solana assets under management to close to $200 million.

The coin has been making huge strides in decentralized finance (DeFi) and non-fungible tokens (NFTs). It is currently the third-largest blockchain in terms of total value locked (TVL) with $24.86 billion locked into DeFi protocols on Solana, an increase of 1,000% from August, according to DeFi Llama. It also registered $240 million in NFT trades and offers a wide range of upcoming games, according to DappRadar's October 2021 industry overview.



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