Bittime - The crypto world is once again abuzz with token price movements. This time, Solana (SOL) managed to overtake Binance Coin (BNB) to occupy the 4th position as the largest cryptocurrency in the world based on market capitalization!
What is Solana (SOL)?
Solana (SOL) is a blockchain platform specifically designed to run decentralized applications (dApps) efficiently and scalably. Founded in 2017, Solana is an open-source project currently managed by the Solana Foundation in Geneva, Switzerland.
Meanwhile, the blockchain itself was built by Solana Labs which is located in San Francisco, United States.
Compared to other blockchains such as Ethereum, Solana offers much higher transaction speeds and cheaper transaction fees. This advantage is what made the native cryptocurrency Solana (also called Solana, with the symbol SOL) soar almost 12,000% in 2021.
Check Today's Crypto Market:
In fact, SOL's market capitalization reached more than $75 billion, making it one of the largest cryptocurrencies at that time.
Even though it was once popular, SOL did not escape the cryptocurrency market correction that occurred in 2022. On December 29, 2022, SOL's market capitalization fell to around $3.63 billion. However, a year later, SOL managed to recover almost half of the lost market capitalization.
What is Unique about Solana (SOL)?
Solana (SOL) is unique in terms of transaction speed and fees thanks to its use of a unique combination of proof-of-history (PoH) and delegated proof-of-stake (DPoS) consensus mechanisms.
In contrast to the proof-of-work (PoW) mechanism which uses miners to determine the next block in the chain, or proof-of-stake (PoS) which uses stored tokens to determine the next block, proof-of-history uses a timestamp. in the block definition for the Solana chain.
This innovative system allows validators on the blockchain to select the timestamps of different blocks in the chain. This keeps the blockchain relatively decentralized but also allows for safer and faster calculations.
In other words, Solana offers much higher transaction speeds and lower transaction fees than its closest competitors, such as Ethereum and Cardano (ADA).
Also Read How to Buy Crypto:
Solana Positive Trend
This achievement continues Solana's positive trend over the past few weeks. Previously, Solana recorded the highest daily volume record on a Decentralized Exchange (DEX), even surpassing Ethereum in the last 24 hours. The Solana network also became a forum for the surge in various meme coins throughout March.
Solana is firmly in 4th place thanks to several factors. First, BNB's market capitalization dropped by more than 5% in the last 24 hours. Second, the price of SOL itself is relatively stable, only falling less than 1% in a day. Currently, SOL is trading around $190 and is getting closer to the $200 mark, which it has not reached since 2021.
Meanwhile, most crypto assets experienced price corrections this weekend. BNB was one of those affected, with a drop in value of more than 5%.
Bitcoin, which touched its all-time high on March 14, has now fallen to $67,000. It is still unclear to what extent this price correction will last.
Check Crypto Prices Today:
How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete guide on how to buy Solana (SOL) on Bittime.
Monitor price chart movements for Solana (SOL), Bitcoin (BTC), Ethereum (ETH) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Solana (SOL) Future & Solana ETF Predictions
What is a Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
Solana Saga, Smartphone with Web3 Integration
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.