Solana Tops BNB, Rises to Become 4th-Largest Crypto Asset By Market Value
2024-11-06

Solana (SOL) has surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market valuation.
The achievement comes amidst a marketwide surge that saw several major altcoins explode, with the leading cryptocurrency, Bitcoin (BTC), hitting a new all-time high (ATH) price of over $75,000.Solana’s Weekly Performance Outshines Market
Solana’s jump was solidified by a strong 15.4% pump in the last 24 hours, which brought the token’s price to $185.30 and pushed its market cap to $87.3 billion.
This recent momentum added to SOL’s already impressive month, during which it registered a 24% price increase over the past 30 days. The asset also maintained steady weekly growth, going up 2.2% to outperform the global crypto market’s 1.2% rise. It similarly performed well against other Layer-1 cryptocurrencies, which grew by about 1.4% overall in the same period.
Meanwhile, BNB recorded a more modest 3.9% increase, with its market value trailing SOL’s by about $2.5 billion at $84.8 billion. Unlike Solana, BNB underperformed the broader crypto market, losing 3.6% across seven days. However, over the last fortnight, the losses were more minimal, clocking at about 0.9% per data from CoinGecko.Bitcoin Rise Sets Stage for Altcoin Gains
Solana’s uptick is part of a larger altcoin boost, which saw crypto’s total market value reach $2.6 trillion, with Bitcoin accounting for nearly 60% of that amount. The number one cryptocurrencypeakedat just over $75,000, hitting a new ATH and helpingliftsentiment in the rest of the market.
Apart from SOL, other standout performers in the last 24 hours include Dogecoin (DOGE), whichsurged30% to hit $0.21, momentarily flipping 7th-placed XRP with a $30.79 billion valuation.
Several other altcoins, including Uniswap (UNI), Bittensor (TAO), Lido DAO (LDO), Injective (INJ), Sui (SUI), and Near Protocol (NEAR), have also benefitted from double-digit increases.
The uptick comes against the backdrop of an intense presidential race in the United States, where crypto is on the ballot.
However, there have been a few laggards, one of them being Tron (TRX), which, at the time of writing, had neither gone up nor gone down in the last 24 hours. Nonetheless, the network recently registered its eighth straight month of transaction growth.
Monero (XMR) was one of the few with a negative performance, with its $159 price tag reflecting a slight 0.8% drop over the previous day.