Bittime - Solana (SOL), a blockchain project with fast and cheap transactions, managed to surpass Binance Coin (BNB) in market cap. This happened on Wednesday, 20/03/2024. The surge particularly attracted attention as Solana's open interest reached $1.75 billion (Rp27.4 trillion), close to a record high.
Solana's skyrocketing market capitalization is due to high transaction volumes and increased investor activity on the network. Especially the increase in memecoins developed in such networks such as Book of Meme (BOME) and SLERF recently. This development highlights an important trend, where investors are increasingly interested in fun cryptocurrencies.
Solana Pros
Solana, founded in 2017 by Anatoly Yakovenko, a former Qualcomm executive, aims to increase throughput beyond what popular blockchains typically achieve while keeping fees low.
Solana is a blockchain platform that offers very high transaction speeds and low transaction fees. This makes it an attractive option for many users and developers. Solana uses a unique consensus mechanism and is different from other blockchain mechanisms. Solana uses a Proof of History (PoH) mechanism, which allows the network to achieve high speeds.
Another advantage of Solana is its scalability. With the ability to process thousands of transactions per second, Solana can handle large volumes of transactions with ease. This is especially important in today's crypto world, where the demand for fast and cheap transactions is on the rise.
In addition, Solana also has a strong and active developer community. Many projects and applications are being built on the Solana platform, including a number of decentralized exchanges (DEXs), gaming platforms, and others. This demonstrates Solana's potential as a thriving and innovative blockchain ecosystem.
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BNB Slide Success
With Solana's success, Binance Coin shifted its position in market capitalization recently. SOL price has seen a surge of 12.85% in the last 24 hours. Solana's market value has soared to an impressive $83.3 billion (Rp1.3 quadrillion), surpassing BNB's market cap of $82.2 billion (Rp1.2 quadrillion) based on CoinMarketCap data 21/03/2024.
Source: CoinMarketCap
In addition, Solana continues to make important achievements in the decentralized finance (DeFi) sector. The platform's DeFi projects have managed to secure investments of more than $4 billion (Rp62.6 trillion), demonstrating the growing influence and potential in the digital financial landscape.
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Potentially Threatening Ethereum?
The recent surge in Solana's market performance, especially its prominence over Binance Coin, has sparked discussion among investors about its potential to challenge Ethereum's supremacy within the cryptocurrency market. Currently, Ethereum (ETH) has a market capitalization of $430.2 billion (Rp6,738 trillion), a prominent figure that confirms its dominant position.
Ethereum has historically struggled with scalability issues and high transaction fees, which have limited its ability to thrive and achieve mass adoption. These longstanding challenges open up opportunities for Solana, especially if Ethereum's latest Dencun Upgrade fails to live up to expectations.
Conclusion
Solana's advantages in terms of scalability and lower transaction fees make it a formidable competitor to Ethereum. Although Ethereum is working to address these issues through the Dencun Upgrade, it remains uncertain whether these improvements will be enough to maintain its edge over competitors like Solana in the short to medium term.
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How to Buy Solana (SOL) on Bittime
You can buy and sell Solana (SOL) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Solana (SOL) is available on Bittime with the market pair SOL/IDR. To be able to buy SOL IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Solana (SOL) on Bittime.
Monitor the price chart movements of 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 Future (SOL) & Solana ETF Prediction
What is Solana Virtual Machine (SVM)? Understanding the Core Technology Behind Solana
SOLAMA: Meme Coin That Boosted Solana's Rise
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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