In an astonishing display of growth, Solana (SOL) has skyrocketed 800% over the past year, outpacing major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
Solana is now up 803% since last year, according to CoinGecko data.
SOL/USD daily chart. Source: TradingView
Ethereum has outperformed Bitcoin in the same time frame as final approval for ETH-focused funds approaches. Notably, ETH has gained 51% since the start of the year, far outpacing Bitcoin’s 45% gain.
Bitcoin’s performance is starting to be overshadowed by Ethereum and Solana tokens, as interest in U.S. crypto ETFs shifts to these two crypto assets.
Bitcoin’s performance is starting to be overshadowed by the Ether and Solana tokens as hype around US crypto ETFs shifts to the two smaller digital assets https://t.co/YPKBrTwd3X
— Bloomberg Crypto (@crypto) June 28, 2024
Bitcoin has attracted attention with impressive gains in early 2024 after the first US spot BTC ETFs launched in January. ETF optimism drove Bitcoin to a record $73,737 in March, but demand and prices have since cooled.
BTC/USDT daily chart. Source: TradingView
Meanwhile, Solana recently posted its biggest gain in nearly a month when VanEck, an exchange-traded fund provider, filed for a Solana spot ETF. The new fund, called the VanEck Solana Trust, is the first Solana ETF to be filed in the United States.
Following this move by the asset management company, the SOL token skyrocketed as much as 11%, its highest level since late May.
Annie
According to U.today
