The American presidential election has been dominating headlines recently. However, there’s another development that has caught the attention of cryptocurrency enthusiasts. Solana’s market capitalization reached 87.4 billion dollars, overtaking Binance Coin (BNB) and making it the fourth cryptocurrency in terms of market capitalization.
This news, along with positive sentiment surrounding the potential re-election of US President Donald Trump, has resulted in a positive mood across the entire crypto market. Solana’s impressive growth has not been an isolated event. Many other altcoins have experienced price increases, and the largest cryptocurrency, Bitcoin, has reached a new all-time high above $75,000.
Solana’s recent surge is part of an impressive week for the cryptocurrency, with a 24% price increase over the last 30 days. Compared to the global crypto market’s 1.2% gain, Solana outperformed other “tier one” cryptocurrencies, which collectively increased by around 1.4% during the same period. While Solana has continued to impress, Binance Coin (BNB) has underperformed the crypto market, losing 3.6% of its value in seven days.
However, Monero (XMR) saw a negative performance for a while but finally started to rise on November 6th, currently trading at around $163. The overall crypto market has reached a total market capitalization of $2.6 trillion, with Bitcoin accounting for almost 60% of this. Other cryptocurrencies that have shown serious increases include DOGE, UNI, TAO, LDO, INJ, and NEAR.
