Solana continues to impress the crypto industry with significant price and market cap growth. Amidst Bitcoin's rise and positive regulatory news, the market is rapidly gaining momentum.
Solana's Market Cap Growth
Solana (SOL) has risen over 275% from last year, reaching $212 for the first time since 2021. These gains pushed its market cap above $100 billion, placing it in the $100 billion club with Bitcoin, Ethereum, and Tether.
Market on Trump's Re-election
The cryptocurrency market has been revitalized following Donald Trump's re-election. With Bitcoin reaching new highs of $81,700, investors expect friendlier regulatory conditions. BRN analyst Valentin Fournier noted that Solana recently achieved record highs in monthly fees, active users, and transaction volumes.
Technological Developments and cbBTC
Recently, Coinbase launched a Bitcoin-backed token 'cbBTC' on the Solana blockchain. This move aims to restore trust in Solana DeFi protocols following the FTX collapse. With cbBTC, users can trade in Solana DeFi protocols and receive Bitcoin through Coinbase.
Solana's upward trajectory indicates its significance in the crypto landscape. Investors are optimistic about further growth and technological innovations that could strengthen its market position.
