SOLANA Hits $44 Billion Market Cap, Flips XRP and BNB in the Same Week
Solana grabbed media headlines on Saturday as it’s price crossed the milestone $100 territory. Furthermore, the acclaimed “Ethereum-killer’s” latest price upswing has triggered a significant shifts in the broader crypto market power rankings.
A closer look at the global crypto market capitalization charts shows that SOL has now leapfrogged both Ripple (XRP) and Binance coin (BNB) to become the 4th largest crypto asset.
Solana stated the week in 6th place with a market capitalization of $29.08 billion of Dec 18 according to Santiment data. The latest upswing sent SOL price to $104 with the market cap also crossing $44 billion.
Solana Could Emerge Top Destination for Capital Inflows in 2024
As seen in the chart above, Solana market capitalization (blue trend-line) eclipsed both XRP ($33.45 billion) and BNB ($41.13) respectively this week.
While both BNB and XRP recorded significant gains this week, Solana’s 54% boost between Dec 18 and Dec 23 was a far superior performance.
The market capitalization financial metric, tracks the total value of the total circulating supply of a particular cryptocurrency. Solana overtaking XRP and BNB could now trigger a paradigm shift in the crypto industry.
Investors often seek to lean into top charting assets for reliability and lesser volatility. Hence, if it can hold on to the 4th position for the long-term, it could emerge a leading destination for crypto investment in 2024.
Considering that the imminent Spot Crypto ETF approvals could open the doors to new institution interest in cryptocurrencies, this could be perfect timing for Solana to attract lopsided capital inflows.
